Africa-Press – Namibia. MTC on Friday announced results of the public offer which opened on 20 September 2021 and closed on 1 November 2021, with a total of 5 611 applications applying for just under 300 million shares at a total value of N$2.541 billion. This was announced today in Windhoek at an “IPO Ring-A-Bell” ceremony which symbolised the beginning of MTC’s journey as a fully listed Namibian wholly owned public listed company on the Namibia Stock Exchange (NSX).
While commending the successful listing of MTC and it having raised N$2.541bn through the IPO, Public Enterprise minister, Hon. Leon Jooste reiterated that the government’s decision to have the lucrative telco entity (MTC) listed is to broaden domestic economic empowerment through ownership by ordinary Namibians in a profitable public enterprise.
He added that it also aimed to, “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 Namibian economy.”
“The offer invited the public to subscribe for a maximum of 367,500,000 existing ordinary MTC shares sold by the existing shareholder at a subscription price of N$8.50 per share thereby selling N$3.124 billion to members of the general public in terms of a public offer,” said MTC
A total of 299,045,261 ordinary shares were allocated to applicants for a total consideration of N$2.541 billion. The directors of MTC allocated ordinary shares to applicants, who applied either directly or through nominee companies, as follows: Namibia Post and Telecommunications Limited will remain the majority shareholder of MTC following the public offer as indicated in the Prospectus.
All minimum spread and free float requirements for a main board listing, as required in terms of the Namibian Stock Exchange (“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.
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