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MTC listed on NSX

MTC listed on NSX

Staff Reporter

NAMIBIA’s first and largest mobile telecommunications company, MTC, rang the ceremonial bell on Friday morning to celebrate its new life as a fully listed, Namibian wholly-owned, public listed company on the Namibia Stock Exchange (NSX).

The listing saw MTC sell a 49% stake of its company to the public through an initial public offering (IPO), raising N$2.541 billion.

At the event, Public Enterprises minister 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.

mobile telecommunications MTC Namibian Namibia Stock Exchange NSX
CEREMONY: Thinus Smit (MTC Financial Director); Obeth Kandjoze (DG: National Planning Commission); Johannes ǃGawaxab (Director: BON); Toini Muteka (MTC Deputy Chairperson); Public Enterprises Minister Leon Jooste; Mrs Sencia Kaizemi-Rukata (NPTH Board Chairperson); and Dr Licky Erastus (MD: MTC). Photo: MTC

In addition, it will develop Namibia’s financial sector 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.

A total of 5, 611 applications were received and 299,045,261 shares were applied for. The total value of applications received is N$2.541 billion.

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 NSX Listing Requirements, have been fulfilled. The free float of MTC at listing will be 39.9%.

The NSX approved the listing of all the issued ordinary shares of MTC with effect from 9:00 on Friday, 19 November 2021.

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