Mobile Telecommunications (MTC), Namibia’s largest mobile network operator (MNO) by subscribers, has split its shares in a 1:30 ratio ahead of its upcoming listing on the Namibian Stock Exchange (NSX), reports The Namibian. The decision to increase the company’s share capital from an initial 25 million shares to 750 million was revealed by the company’s CFO Thinus Smit, who said it would ensure affordability and make more shares available for investors and interested Namibians.
The state expects to raise between NAD3 billion (USD210.1 million) and NAD3.5 billion from the sale of 49% of the ordinary shares during the public offer, suggesting a price of between NAD8.16 and NAD9.52 per share. 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. In the event the public offer is oversubscribed, shares will first be allocated to previously disadvantaged Namibians, then to MTC staff and customers, followed by Namibian natural persons and corporates and finally Namibian institutions, SADC and international investors.