Namibia’s largest telecommunications operator Mobile Telecommunications Company (MTC) says it will list on the local Stock Exchange (NSX) by the end of November.
The company said it will make available 367.5 million shares to the general public and would release its prospectus on 20 September 2021 detailing the cost of the shares.
According to MTC the listing will provide an opportunity for stakeholders, including customers, staff and existing shareholders, to participate in the ownership of the company.
In an event that the public offer is oversubscribed, the company said historically disadvantaged Namibians will get first priority in acquiring shares in the company, then MTC staff and customers and finally to Namibian institutions, Southern African Development Community (SADC) and international investors in that order.
According to the company, the offer to subscribe for shares is expected to close on 1 November at 12 noon.
It added that the Namibian government will retain majority shareholding in the company through the Namibia Post and Telecommunications Holdings Limited (NPTH) which, after the listing, will keep a minimum of 51% of MTC.
Company chairperson Theo Mberirua said the company expects to generate between N$3-billion and N$3.5-billion from the public sale of shares.
Namibia’s Minister of Public Enterprise Leon Jooste said, “This will be the first public enterprise that will be listed on NSX and that indications are that it will be the largest listing in the history of the country.”
MTC has 91% market share of the local telecommunications market with almost 2.6 million subscribers, while its mobile network covers 97% of the population with mobile broadband penetration standing at 87%.
According to the company’s annual report for the year 2020, it recorded a 2% growth in active customer numbers and a 22% growth in data revenue.