06 September 2021 | Geschäft
Millions of MTC shares available to the public
Preference will be given Namibian retail and individual investors, which include customers and staff, during the allocation process, above institutional and foreign investors.
Retail investors with some savings in banks can also use those savings to buy shares that may give them better returns. Leon Jooste, Minister of public enterprises
The approval of the Mobile Telecommunications Limited (MTC) to be listed on the Namibia Stock Exchange (NSX), will be the largest listing on by a Namibian company since the establishment of the NSX.
At media conference on Friday, MTC’s chairperson Theo Mberirua, pointed out that 367.5 million ordinary shares, which represents 49% of MTC’s shares, will be made available to the general public offer and it is expected to raise about N$3 billion to N$3.5 billion. It is anticipated that the company will be listed on the NSX before the end of November 2021, he said.
“There will be more than enough shares available for all Namibians. We encourage everyone of our countrymen to apply for shares and become part of the future of MTC,” Mberirua added.
The official launch of the public offer awareness campaign will be as of today, 6 September 2021. The public offer through which investors can apply for shares, will open on 20 September 2021 and close on 1 November 2021.
The public is urged to follow different media channels for updates and awareness campaign, including MTC’s website and social media channels, the chairperson pointed out. MTC have dedicated and trained staff and members in all mobile homes and selected NAMPOST outlets countrywide to assist applicants with the completion of application forms.
“We encourage prospective applicants to submit their applications as soon as possible when the public offer opens to prevent potential rush towards the end of the public offer,” he said.
Mberirua expressed appreciation to the government for allowing the listing, as well as the employees who have put in long hours for this listing process.
“Last but not least, a special thanks goes to the Namibia Stock Exchange (NSX) for having approved our application to list, as well as PSG and IJG who walked this journey with us to this this listing possible,” he said.
`Leon Jooste, minister of public enterprises also attended the conference and outlined some of the set objectives for MTC’s listing.
Firstly, it is to develop Namibia’s financial sector as it critical for economic development. Currently a significant amount of savings leaves the country for investment outlets in other countries. These savings can now be invested at home in MTC, Jooste said.
“Through our pension funds and insurance policies many Namibians will now become shareholders of MTC. Retail investors with some savings in banks can also use those savings to buy shares that may give them better returns,” he added.
Secondly, the minister notes that MTC’s listing will unlock maximum shareholder value and consequently liquidity for the fiscus, whereby both institutional and retail investors participation is encouraged through the creation of investment opportunities by the state in the Namibian economy.
“This demonstrates government’s commitment towards public enterprise reforms and is aimed at creating a new mindset as a listed company adhering to international practices of corporate governance,” Jooste pointed out.
The last objective is to broaden economic participation through ownership by ordinary Namibians in a profitable public entity.