Fresh information has surfaced that Letshego Holdings Namibia (LHN), which is a subsidiary of Letshego Holdings Limited (LHL) Group plans to list at the Namibia Stock Exchange (NSX).
LHN, with its strong financial inclusion focus, is said to be considering offering its shares for sale to Namibians through a proposed Initial Public Offering (IPO), in line with its strategic imperative to be Africa’s leading inclusive finance group, and subject to all regulatory and other approvals.
The development of listing at the stock exchange is believed to be one of the conditions to get banking license from the Central Bank, Bank of Namibia.
When quizzed on the upcoming plans of listing at the stock exchange, Letshego Holdings Group Chief Executive Officer (CEO), Chris Low said this will enable the people of Namibia to be part of LHN’s history of improving life, adding LHL Group remains listed on the BSE.
“We look to provide simple, appropriate and accessible financial solutions to the under-served in a sustainable manner. This extends to ensuring that any strategic initiatives we undertake empower the communities we operate within,” said Low.
Further quizzed on how much shares the company will be availing, Letshego Group CEO Low said they are not in a position to disclose any details at this stage, as per Namibian Stock Exchange (NSX) listing rules.
Low also stated that Letshego Namibia, which was acquired in 2008, is one of their well-developed and stronger markets; adding that, it is a market in which they see the need for financial inclusion being significant. He added that this, coupled with their continuing provision of simple, appropriate and accessible solutions to the under-served means that activity of this nature creates empowerment in low and middle income communities.
“We continue to engage with our regulators and government stakeholders. We will communicate any strategic developments as appropriate,” he said.
Previously, Low stated that during 2016 that they finalized the Banking license in Namibia, integrated the 2015 acquisitions (Tanzania and Nigeria) into the business and expanded their agency network in Tanzania. At the time he also stated that they continue to seek deposit-taking licenses to facilitate their financial inclusion agenda.
Letshego began January 2016 with their share price standing at P2.90 at BSE. However by end of December 2016, the company had lost 60t to close the year trading at P2.30. On the 4th January 2017, Letshego share price stood at P2.30, the share price declined by 22t to trade at P2.08 on the 26th July, 2017.