Botswana Telecommunications Corporation Limited (BTCL), the country's established Public Telecommunications Operator (PTO), has listed on the bourse trading at P1.00 per share.

The development comes after an initial public offering launched in January making BTCL the first parastatal to privatise.

Despite several postponements to its official listing, BTCL, the only PTO licence holder operating both traditional fixed and mobile networks, has finally listed on the Botswana Stock Exchange (BSE).

BTCL Chief Executive Officer Paul Taylor has promised to turn around the fortunes of the company following its listing. "As BTCL we now have to step up our game. We have to be simply the best at all that we do," said Taylor

He said his team will strive for excellence and not let new shareholders down.

BTCL floated a total of 462 shares on the market at a price of P1 each, to become the 23rd company to be listed on BSE's domestic companies sector.

Analyst say the IPO was oversubscribed, though the public is yet to be informed of their allocation, following in excess of 100,000 pieces of information disbursed to publicise the listing.

Government will retain 51% of the 1.05 billion shares while the workers will hold 5% and the remaining 44% expected to be in public hands.

BTCL was first established as a body corporate by the Botswana Telecommunications Act of 1980 to provide basic telecommunication before acquiring the PTO license in 2007.

The PTO facilitated the introduction of varied services and products like beMOBILE, Botswana's own mobile network competing against the likes of Mascom and Orange.

In addition, BTCL has gained significant competitive advantage in the mobile domain, particularly in remote areas because of its extensive mobile coverage hovering at 95% population coverage.