New Era Newspaper

New Era Epaper
Icon Collap
...
Home / Locals prioritised for MTC’s shares

Locals prioritised for MTC’s shares

2021-09-06  Staff Reporter

Locals prioritised for MTC’s shares

If more people apply for the 367.5 million ordinary shares MTC will avail when it lists in the coming weeks, priority will first be given to previously disadvantaged Namibians, then to MTC staff and customers, followed by Namibian natural persons and corporates and finally to Namibian institutions, SADC and international investors. 

As the country’s first mobile telecommunications operator, MTC hopes to raise between N$3 billion and N$3.5 billion when it makes its shares available on the Namibian Stock Exchange (NSX) at the beginning of November. 

During a media briefing on the listing on Friday, public enterprises minister Leon Jooste said: “The first objective was to develop the country’s financial sector. The financial sector is critical to economic development. Currently, a significant amount of savings leaves the country for investment outlets in other countries. These savings can now be invested at home in MTC. Through our pension funds and insurance policies, many Namibians will now become shareholders of MTC.”

The second objective, he observed, was to unlock maximum shareholder value and consequently liquidity for the finance ministry.

Jooste said this demonstrates government’s commitment towards public enterprise reforms aimed at creating a new mindset as a listed company adhering to international best practices of corporate governance. 

“The third objective was to broaden economic participation through ownership by ordinary Namibians in a profitable public entity. The government is encouraging a culture of share ownership by historically disadvantaged individuals, and ensuring broad-based economic empowerment in the retail offer,” he added. 

MTC’s board chairman Theo Mberirua assured the public that there will be more than enough shares available, and encouraged all Namibians to apply and become part of the future of MTC. 

“Preference will be given to Namibian retail or individual investors, which includes customers and staff, during the allocation process, above institutional and foreign investors,” he continued.

Preceding the public offering’s opening scheduled between 20 September and 1 November 2021, an official public offer awareness campaign will be launched as of Monday, 6 September. This is to share all relevant details with the public ahead of the release of the prospectus.

“The public should follow the different media channels for updates and the awareness campaign, including our website and social media channels. MTC has dedicated and trained staff members in all MTC Mobile Homes and selected NamPost outlets countrywide who will assist applicants with the completion of forms. We encourage prospective applicants to submit their applications as soon as possible when the public offer opens to prevent any potential rush towards the end of the public offer,” urged Mberirua.


2021-09-06  Staff Reporter

Share on social media