Mmegi Online :: BBS lists on new BSE board
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Last Updated
Friday 16 November 2018, 13:42 pm.
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BBS lists on new BSE board

The Botswana Building Society (BBS) this week listed 487 million shares, representing its issued capital, on the Botswana Stock Exchange’s new Serala OTC board, marking a leap in the company’s demutualisation process.
By Pauline Dikuelo Fri 07 Sep 2018, 13:21 pm (GMT +2)
Mmegi Online :: BBS lists on new BSE board








On Wednesday, BBS directors said plans were underway to ensure the organisation graduates from the Serala board to the BSE’s main Domestic Companies Index (DCI, within the next 18 to 24 months). The DCI is the Exchange’s flagship trading platform. The BSE has three trading platforms, being the DCI, the Foreign Companies Index and the Venture Capital board. The Serala Over the Counter (OTC) board has been established to allow public interest entities to experience the rigours of the listing process, register their shares, trade them with a view to listing on the DCI.

According to the BSE rules, companies may only stay on Serala for a maximum of five years. Speaking during the registration ceremony, the bank’s managing director Pius Molefe said the company’s next step would be to approach the Bank of Botswana for a banking licence.

“This (the listing) is one of the steps in developing our bank into a commercial one.

“This move provides our shareholders and other Batswana with an opportunity to buy

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BBS shares thus bringing more shareholders into the BSE,” he said. Trading under the abbreviation ‘BBS’, the company’s shares began trading on Tuesday priced at P1.20. In April, BBS finalised its conversion from a Society into a company limited by shares, under the name BBS Limited, following shareholder approval granted in 2017.

Should BBS Limited be granted a banking licence, the company will be the first bank in Botswana to be majority owned and controlled by citizens of Botswana.  BBS’ biggest shareholders include the Botswana Privatisation Asset Holdings, Motor Vehicle Accident Fund and the Botswana Police Savings and Loans Guarantee Scheme. 

“As a building society, we already had a strong business presence and the expansion of banking services offered will only increase our market share in the economy,” Molefe said.

The BBS, established in 1976 with an asset base of P4 million, now boasts a loan book of more than P3 billion. The company’s operating income in the past three years has hovered around P190 million.

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