MOBILE Telecommunications Company (MTC) intends raising between N$3 and N$3.5 billion by offering a total of 367,5 million ordinary shares to the public during its public offer, the company announced on Friday.
Highlighting government decided to list MTC, Minister of Public Enterprises, Leon Jooste says: “The first objective was to develop the country’s financial sector. The financial sector is critical to the economic development. Currently a significant amount of savings leaves the country for investment outlets in other countries. These savings can now be invested at home in MTC. Through our pension funds and insurance policies many Namibians will now become shareholders of MTC.”
The second objective, Jooste adds, was to unlock maximum shareholder value and consequently liquidity for the fiscus. This, according to the minister, demonstrated Government’s commitment towards public enterprises reforms and is aimed at creating a new mind set as a listed company adhering to international best practices of corporate governance.
“The third objective was to broaden economic participation through ownership by ordinary Namibians in a profitable public entity. The government is encouraging a culture of share ownership by historically disadvantaged individuals and ensuring broad-based economic empowerment in the retail offer,” Jooste says.
MTC’s board chairperson, Theo Mberirua, assures the public that there will be more than enough shares available encouraging all Namibians to apply and become part of the future of MTC. “Preference will be given to Namibian retail or individual investors, which include customers and staff, during the allocation process, above institutional and foreign investors,” adds Mberirua.
Preceding the public offering opening scheduled between 20 September and 01 November, an official public offer awareness campaign will be launched as of Monday, 6 September. This is to share all relevant details with the public ahead of the release of the prospectus. “The public should follow the different media channels for updates and the awareness campaign, including our website and social media channels. MTC has dedicated and trained staff members in all MTC Mobile Homes and selected NamPost outlets countrywide who will assist applicants with the completion of application forms.”
“We encourage prospective applicants to submit their applications as soon as possible when the public offer opens to prevent any potential rush towards the end of the public offer,” says Mberirua.