The share price of the Botswana Telecommunications Limited (BTCL) continued on a down trend on Monday closing its trade at 96 thebe per share.
Despite the company’s recent decision to declare a dividend of 5 thebe per share on a loss of P371 million, most investors seems to be flooding the market with the BTCL stock, few days before the closure of registrar.
The recently BSE listed company had its share price dropping down to below its Initial Public Offering price of P1 last week. This was the first time the telecommunications giant pulled a dismal performance since selling part of its shares to both individual and institutional investors.
This past Friday, the Paul Taylor led company gained 1 thebe to end the day and week trading at P0.98 per share. However by close of markets on Monday, the company’s shares had gone down even deeper closing at 96 thebe per share.
The poor performance by the BTCL stock follows recent news in which the company announced that it will part ways with its listing managing director Taylor. Taylor is expected is expected to have his last day at Megaleng House on the 19th of this month. Upon his departure, the current BTCL Chief Operational Officer (COO), who also serves as the deputy MD, Anthony Masunga will take over on acting basis.
Financial analysts have also aligned the share price tumble to the recent poor financial results that BTCL announced.
The company’s financial statements released to the markets late Wednesday shows that its full year loss for the year ended 31 March 2016 stood at P371 million from a profit of P147 million recorded in 2015.