More Africa NewsMTC lists on the Namibian Stock Exchange

November 23, 2021by myles0

Premier digital enabler, MTC, on Friday at an initial public offering (IPO) Ring a Bell ceremony, officially started its new life, as a fully listed Namibian wholly-owned public listed company on the Namibia Stock Exchange (NSX).

The listing, which is the largest by a local company and the first by a state-owned company saw MTC sell a 49% stake of its company to the public through an IPO, raising N$2.541 billion.

Commending the successful listing of MTC, Public Enterprise Minister, Hon. Leon Jooste reiterated that the government’s decision to have the lucrative telco entity listed is to broaden domestic economic empowerment through ownership by ordinary Namibians in a profitable public enterprise; develop Namibia’s financial sector as it is critical for economic development; and unlock maximum shareholder value and consequently liquidity for the fiscus, whereby both institutional and retail investors participation is encouraged through the creation of investment opportunities by the state in the economy.”

Meanwhile, according to the NSX all minimum spread and free float requirements for a mainboard listing, as required in terms of the NSX Listing Requirements, have been fulfilled.

“The free-float of MTC at listing will be 39.9%. The NSX has approved the listing of all the issued ordinary shares of MTC on the NSX with effect from 9am on Friday, 19 November 2021,” they concluded.

Namibia Economist

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