Botswana Telecommunications Corporation Limited (BTCL) Managing Director, Paul Taylor has urged Batswana to make informed and considered decisions prior to submitting their offers for the Botswana Telecommunications Corporation Limited (BTCL) IPO.
After opening on Monday 11th January, the BTCL IPO garnered an overwhelming response from Batswana who flocked to Barclays Bank premises nationwide to submit their offers for the corporation’s shares. BTCL also revealed last week that over 15,000 copies of the BTCL IPO prospectus have been collected while 10,000 copies were downloaded since last week.
“We continue to see an incredible reception from Batswana for the BTCL IPO, and it is truly wonderful to note that many Batswana are keen to learn more about investing in BTCL shares,” said Taylor.
He however reminded citizens that the offer period will be open until March 22nd, adding that the shares will not be distributed on a first come first serve basis. Taylor said BTCL will continue providing information for potential investors, adding that the extended offer period, from 11th January to 4th March 2016, was engineered for this very reason, as well as to allow for additional time for Batswana to secure funds to apply for BTCL shares. He pointed out that all offers made by March 4th will be processed.
“Let us all empower ourselves with information and understanding before we act. Seek advice; seek clarity. There is no need to rush or panic, as shares will not be distributed on a first come first served basis,” said Taylor.
He explained that a prospectus, as it relates to an IPO is a legal document that contains pertinent information about a company, which will enable one to make an informed decisions as to whether or not to purchase the shares of that company.
The BTCL MD further stated that the prospectus contains information on BTCL’s mandate, products, markets and past operational and financial performance, its future strategies, plans and projections, as well as the value of the company.
In addition, the prospectus also discloses the number of shares on offer, the price of the shares, the minimum quantity one can purchase, the application process.
The BTCL offer comprises 462 million of which 250 million are to be issued and allotted by the company and 212 million to be sold by the selling shareholder. BTCL shares be listed on the Botswana Stock Exchange (BSE) at P1.00 per share.
The shared sale is the largest ever in Botswana and is also the first of its kind as all shares have been reserved for citizens.
Government has reserved 51 percent shareholding in BTCL, while 44 percent will be on sale while the remaining five percent have been reserved for employees.