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Botswana fixed-line parastatal gears up for IPO

Botswana fixed-line parastatal gears up for IPO

Botswana Telecommunications Corporation Limited (BTCL) is gearing up for its initial public offering (IPO) in early November.

44% of the company's shares will be available for purchase by citizens and citizen companies while 5% will be retained for BTCL employees.

Meanwhile, government plans holding a 51% share of BTCL.

The BTCL IPO has been scheduled for Friday 7 November 2014 on the Botswana Stock Exchange (BSE).

And in preparation for the IPO, Botswana's Public Enterprises Evaluation and Privatisation Agency (PEEPA) is embarking on a country-wide marketing and public education campaign regarding BTCL's privatisation.

"BTCL IPO is here; it's important for all of us and the economy at large; BTCL has a clear growth plan," said Kgotla Ramaphane, PEEPA's chief executive officer.

Kgotla is further encouraging the nation to participate in the transaction of BTCL.

"This is a transaction that we have been working on for some time. When the offer opens, it will remain open for a number of weeks to give people time to raise funds. Even so, citizens will be allowed to trade among themselves."

BTCL is a parastatal that has been operational since 1980.

However, it has been financially unstable and is looking to a privatisation move to spur on its revival.

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