Namibia's largest telecommunications company, Mobile Telecommunications Limited (MTC Namibia) is set to list on the Stock Exchange (NSX) by the end of November 2021 and 367.5 million shares are to be made available to the general public, MTC chairperson Theo Mberirua said.
Namibia’s largest mobile network operator (MNO) by subscribers expects to generate between N$3 billion and N$ 3.5 billion (210 to 245 million U.S. dollars) from the public sale, with historically disadvantaged Namibians getting first priority in acquiring a share in the company.
The general public can expect soon to be listed MTC shares to be more affordable after the company split its shares in a 1:30 ratio. This split was revealed by the company's chief financial officer, Thinus Smit, who said it would ensure affordability.
This split has now led to MTC's initial 25 million shares to be subdivided, into small rations, but at a cheaper price – and now the company has an issued share capital of 750 million shares. Of these 750 million shares, the state will get rid of 367.5 million shares, representing 49%, which is expected to rake in between N$3 and N$3.5 billion.
State holding company Namibia Post and Telecommunications Holdings Limited will retain a minimum of 51% of MTC post-listing.
It is anticipated that the prospectus will open on 20 September and that MTC will be listed before the end of November 2021.
A few days ago, the Minister of Public Enterprises, Leon Jooste said that MTC Namibia has proposed the largest public offer by a Namibian firm since the founding of NSX, which is a total of 49% of its ordinary shares.