Sale away: BTC IPO postponed once again
The initial public offer of Botswana Telecommunications Corporation Limited (BTC), under which the government plans to offload a 49% stake in the company, has been pushed back once again.
According to a report from local news portal Mmegi, the Ministry of Transport and Communications has stated that the initial public offering (IPO) will not now go ahead on 31 December as planned, and an exact date for the opening of the offer will be announced early next year. According to the ministry, institutional investors did not want to open the sale over the Christmas and New Year holiday break.
Having initially been planned for 2011, the sale first ran into problems in 2012, before an IPO was cancelled in August this year. The offer was then rescheduled for 7 November, but problems with the sale of shares to employees caused yet another postponement to end-December. 44% of BTC’s shares will be available for purchase by individual investors and Batswana companies, while 5% will be reserved for the telco’s employees through an Employee Share Ownership Programme (ESOP).
Source: Telegeography 10 December 2014