�Incredible� response reported for BTCL shares

Mbongeni Mguni | Thursday January 14, 2016 14:23

Members of the public buying BTCL shares this week

Government and BTCL are selling 462 million shares at P1 each in an offer that is both the country’s largest Initial Public Offer (IPO) and also the first privatisation of a parastatal. The offer opened on Monday and will close on March 4, 2016 at 5pm.

Yesterday, BTCL managing director, Paul Taylor said another 10,000 copies of the prospectus had been downloaded thus far, symbolising “incredible” demand for the shares among Batswana.

The prospectus, which gives investors details on the BTCL’s finances and prospects, has been available for download since December 21 when Transport and Communications minister, Tshenolo Mabeo officially launched the IPO.

“Batswana, it seems, have been thirsty for a way to diversify their investment and their income outside or even beyond the traditional means,” Taylor said in a statement.

“We are humbled by the incredible reception only a few days into the offer opening period and thank Batswana for expressing such interest and excitement in the BTCL IPO.

“This only makes us more confident in the future owners of this marvellous business.”

The 462 million shares on offer represent a 44 percent stake in BTCL, with government retaining 51 percent and another five percent set aside for citizen employees of the telecommunications utility. Taylor cautioned Batswana against panicking about the possible depletion of prospectuses, which carry the application forms required to purchase the shares.

“We assure the public that our distribution efforts for the BTCL IPO Prospectus are intense and expansive as is deserving of such an incredibly large scale initiative. All outlets will continue to receive additional copies, and it is important that the public do not panic should they not find a copy upon first enquiry,” the MD said.

He added: “It needs to be borne in mind that the offer period is open until the March 4, and applications are being received until then. This means Batswana do need not rush, as shares will not be distributed on a first come first served basis.”