Africa

Namibia expects to raise over 210M USD during public offering of telco MTC shares

The largest proposed listing by a Namibian company since the establishment of the country’s stock exchange (NSX) expects to raise 3 to 3.5 billion Namibian dollars (210 to 245 million U.S. dollars), an executive announced Friday.

Namibia’s largest telecommunications company, MTC is set to list on the NSX by the end of November 2021 and 367.5 million shares are to be made available to the general public, MTC chairperson Theo Mberirua said at an update event in Windhoek.

He said that MTC will officially launch the public awareness campaign as of September 6.

Speaking at the event, Namibia’s Minister of Public Enterprises, Leon Jooste said this will be the first public enterprise that will be listed on NSX and indications are that it will be the largest listing in the history of the country.

Meanwhile, the 367.5 million shares make 49 percent of the ordinary shares in MTC, while the Namibia Post and Telecommunications Holdings Limited retains a minimum of 51 percent share of MTC post-listing.

MTC is the first and largest mobile telecommunications company in Namibia.

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