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Ministry of Transport and Communications (MTC)
BTCL INITIAL PUBLIC OFFER (IPO) POSTPONED TO 2015
08/12/14
BTCL INITIAL PUBLIC OFFER (IPO) POSTPONED TO 2015

GABORONE 5th December 2014. The Ministry of Transport and Communications (MTC) would like to update the public on the much-anticipated Botswana Telecommunications Corporation Limited (BTCL) Initial Public Offer (IPO).

 

A number of considerations have necessitated that the IPO, which was scheduled to be opened by the end of 2014, be extended into 2015. The Project Team has been working around the clock to bring this listing to Batswana. What has always been apparent is that the complexities and the sheer magnitude of privatising BTCL is a challenging task. It was thus always an ambitious timeline to conclude before year-end, one that all in the Project nevertheless believed was achievable. However, a number of material steps, including securing the necessary underwriting arrangements, remain to be concluded.

 

It needs to be noted that one cannot over emphasise the magnitude of the work that has been completed to date along the path to bringing this IPO. The journey to this point has taken many man hours over a number of years. We are confident that the remaining steps will comfortably be achieved in the New Year.

 

Throughout this project we have sought the advice and guidance of all stakeholders. This included our potential investors both as the general public via the much published “di Pitso” and through special workshops where we engaged with potential institutional investors.

 

As we engage with the potential individual investors we are reminded of the core mandate of this IPO; “deliver an IPO that allows maximum potential for citizen participation”. A deferred IPO opening would have the additional benefit of allowing more Batswana to continue to save to enable them to participate in what will be the most significant listing in the history of Botswana.

 

Institutional investors also felt that opening over the holiday break would not allow them enough time to conduct their own internal processes (convening investment committees, seeking board approvals and so forth). They also felt that as the BTCL IPO was a unique offering for Batswana providing them more time would help in ensuring more participated after the holiday break.

 

After considering all advice and guidance from our Project team it has been decided that it might be counter productive to expect the relevant authorities to rush their own processes in our haste to open the IPO this year.

 

A new date for the opening of the offer (IPO) will be announced in the New Year.

 

BTCL - Ke Ya Rona Rotlhe.

 

 

For further information please contact MTC - PR Dept 3612000, PEEPA Public Education office, Tel. 3980000 and BTCL PR Dept 3958375

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