The Botswana Telecommunications Corporation Limited's (BTCL) share price on the Botswana Stock Exchange recently reached a two-year high, a rare positive performance for a counter that has generally performed negatively since its listing in 2016.
BTCL’s shares gained nine thebe on March 28 to reach 86 thebe, the highest level since December 16, 2020, as the telecomms group joined the broadly upward momentum of the stock exchange.
The share price jump last month takes BTCL to net growth of 11.7% for the year, putting it amongst the top five gainers on the BSE, according to data shared by Stockbrokers Botswana.
The telecomms group, the trading of whose shares are limited to citizens, has seen a general slide in its value since it listed at P1.15 in 2016. Apart from the year 2017 when shares reached their peak at P1.84, the BTCL has traded below its listing price over the years, sinking to a low of 65 thebe last May.
BTCL directors have said part of the reason is the restriction of share trades to citizens, saying opening this up to the general market would unlock more value. Government restricted ownership of BTCL’s shares to Batswana when it partially privatised BTCL in 2016, as a way of retaining value for citizens.