BBS limited is expected to start trading its shares at the Botswana Stock Exchange’s platform known as Serala in the coming weeks. Serala trading platform is a special BSE counter for unlisted equities such as BBS Limited. The former society ÔÇô BBS aims to ultimately list its shares on BSE’s main board.
BBS Limited company Secretary who also doubles as Director of Marketing and Communications – Sipho Showa said that the registration of BBS Limited shares on BSE’s Serala OTC platform was confirmed by the local bourse through a letter this past Wednesday.
“We are now working towards BBS shareholders starting to trade in their shares preferably from Monday 10th September 2018. To do this, shareholders will deal directly with BSE, assisted by their brokers,” said Showa.
Showa noted that even though the BBS shares are not on the counter for listed entities, they have been issued at P1 each, “but the price per share will ultimately be negotiated and agreed between the transacting parties”.
Showa says the registration of BBS on the Serala platform is separate process to that of the banking license application. He also confirmed that submission of the application to the Bank of Botswana is planned for the next few weeks.
BBS Limited is poised to become the first indigenous commercial bank in the country after a boost which came in the form of listing of a bond by the International Finance Corporation (IFC) in December 2017. IFC announced at the time that a $25 million investment in BBS through listing of a bond known as Kgalagadi bond will provide long-term funding and support the transformation of the Society into a full-service commercial bank financing underserved clients, including small and medium enterprises. The country currently has ten commercial banks, all originally from outside and atleast two statutory banks being Botswana Savings Bank (BSB), National Development Bank (NDB).