Letshego moves towards share buyback

Directors say the move, which could involve P250.1 million for 217 million shares, would also be a signal to investors that Letshego has excess capital and is “therefore attractive to other investors that they should invest in Letshego”. This “could further improve the price of the shares”.

The microlender’s shares on the Botswana Stock Exchange are down eight percent this year and have generally been under pressure in the past three years due to executive changes and shareholder disagreements over the African expansion strategy. Faced with difficulties in parts of Africa and a maturing local business, Letshego’s pretax profits for the year ended December 2023 fell 82% to P121 million. In the year to December 2022, the microlender saw its pretax profits fall 30%.