MTC listing process kicks off
MTC has initiated the process towards its long-awaited listing on the Namibian Stock Exchange (NSX).
Once listed, members of the public will be able to buy shares and own a portion of the mobile operator.
Namibia Post and Telecommunications Holdings (NPTH) recently advertised a request for proposals from local stockbroking firms keen to advise it on MTC's listing.
NPTH owns Telecom, MTC and Nampost on government's behalf.
Government had in 2016 announced plans to unbundle MTC and list a portion of its shareholding on the NSX.
Economist Klaus Schade welcomed government's intention to sell off a part of MTC. According to him, government would be able to generate income for investment purposes.
“MTC's listing will provide additional investment opportunities for Namibian individual and institutional investors. By selling a part of its shares in MTC, government will generate income that can be used to finance its operations, in particular investment in infrastructure,” he said.
An employee at a local stockbroking firm who preferred anonymity said there was a lot of excitement regarding MTC's listing.
“The guys are going to put in a bid to sponsor the listing,” he said briefly.
Bids closed yesterday. Government already owns 66% of MTC through NPTH, while 34% belongs to Luxemburg-based Samba Luxco SARL. Samba had acquired the shares when it took over MTC's former technical partner Portugal Telecom.
Cabinet in 2017 approved a plan for NPTH to buy this 34% shareholding, worth over N$3 billion, using money from the Government Institutions Pension Fund (GIPF).
However, GIPF indicated earlier last year it will seek to acquire substantial shares in the telecommunications firm for itself and not on behalf of government.
OGONE TLHAGE
Once listed, members of the public will be able to buy shares and own a portion of the mobile operator.
Namibia Post and Telecommunications Holdings (NPTH) recently advertised a request for proposals from local stockbroking firms keen to advise it on MTC's listing.
NPTH owns Telecom, MTC and Nampost on government's behalf.
Government had in 2016 announced plans to unbundle MTC and list a portion of its shareholding on the NSX.
Economist Klaus Schade welcomed government's intention to sell off a part of MTC. According to him, government would be able to generate income for investment purposes.
“MTC's listing will provide additional investment opportunities for Namibian individual and institutional investors. By selling a part of its shares in MTC, government will generate income that can be used to finance its operations, in particular investment in infrastructure,” he said.
An employee at a local stockbroking firm who preferred anonymity said there was a lot of excitement regarding MTC's listing.
“The guys are going to put in a bid to sponsor the listing,” he said briefly.
Bids closed yesterday. Government already owns 66% of MTC through NPTH, while 34% belongs to Luxemburg-based Samba Luxco SARL. Samba had acquired the shares when it took over MTC's former technical partner Portugal Telecom.
Cabinet in 2017 approved a plan for NPTH to buy this 34% shareholding, worth over N$3 billion, using money from the Government Institutions Pension Fund (GIPF).
However, GIPF indicated earlier last year it will seek to acquire substantial shares in the telecommunications firm for itself and not on behalf of government.
OGONE TLHAGE
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