Namibia: MTC Prospectus Detailing Cost of Shares Coming in September

Mobile Telecommunications Limited (MTC) will release its prospectus on 20 September, which will detail how much its shares will cost as the company goes public.

This was announced by MTC today, following the company's approval for its primary listing on the main board of the Namibian Stock Exchange (NSX).

MTC handed the prospectus over to the registry of companies yesterday.

The listing of 49% of MTC is the largest proposed listing by a Namibian company since the establishment of the NSX.

Namibia Post and Telecommunications Holdings Limited (NPTH) will retain the other 51% in the company.

It is anticipated that the prospectus will open on 20 September 2021 and that MTC will be listed before the end of November 2021.

"We take great pleasure to invite you to share in the prosperity by subscribing for shares in this truly Namibian company. The listing will provide an opportunity for all MTC customers, staff, stakeholders, and the public in general, to acquire MTC shares and participate in the ownership of MTC," said the company.

In the event that the public offer is oversubscribed the order of the allocation process will be first to previously disadvantaged Namibians, then to MTC staff and customers, followed by Namibian natural persons and corporates, and finally to Namibian institutions and SADC and international investors.

Full details of the public offer will be disclosed in the prospectus.

The offer to subscribe for shares is expected to close on 1 November 2021 at 12h00.

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