BTC reaches seven-year high on BSE
Mbongeni Mguni | Monday December 15, 2025 06:33
BTC, with more than 40,000 individual investors, is the Botswana Stock Exchange’s most retail-heavy counter, a state of affairs that dates back to its historic Initial Public Offer (IPO) in 2016. However, the concentration of retail investors and their tendency for impulse trading behaviour, combined with the fact that BTC shares are restricted to citizens, has affected share price growth over the years.
BTC shares traded below the listing price of P1 from roughly December 2019 to January 2024, dipping to a record low of 60 thebe in November 2020.
Following a period of recovery from January this year, the shares on Monday shot up to P1.31, off seven trades involving the exchange of more than 72,000 shares. The last time BTC shares were near that level was in June 2018, whilst the counter was retreating from its all-time high of P1.85 achieved in December 2017.
Jürgen Peschel, BTC CEO, told BusinessWeek the share price growth was supported by the recently released results showing a strong performance and record high interim dividend, as well as healthy fundamentals of the business.
BTC recently reported profits before tax of P148.4 million for the half-year ended September 30, 2025, supported by strong performances in data services, helping the group to defy a general contraction in the economy over the same period. Earnings per share rose to 10.97 thebe, up from 6.80 thebe in the previous year.
“I'm very confident that there is a strong correlation between continuing share price evolution upwards and the measures that we have been putting in place in the organisation,” Peschel told BusinessWeek.
“Firstly, the financial results that we presented in the last fiscal year, secondly, the financial results that we are currently presenting for the first half, thirdly, the detailed work that we are doing within our transformation, and fourthly, the outlook and the commitment for ongoing investments that we are doing going forward in wanting to become the largest in the market. “Those are fundamental points and fundamental decision criteria, even for retail investors, to consider buying our shares.”
BTC’s share price a year ago was stagnant at P1.06, or 24% below its current level, movement Peschel said, reflecting confidence from investors in the strategy going forward.
The strategy involves building a modern, agile BTC, a leaner operating structure, installing a performance-driven mindset amongst employees, investing in network expansion, growing digital services and boosting the competitiveness of the mobile money product, Smega.
“If I were to consider buying shares myself, I would look into whether I trust the company in future to have grown and to have provided higher shareholder value?
“I would look at whether I can trust that the company will grow, will have an outstanding business performance, and if so, I'm going to buy.
“BTC is strengthening its performance, building resilience in our business and positioning ourselves for sustainable growth.
“There is an expectation that our shareholder value will further strengthen going forward,” he said.