IF TOO many people and companies want to buy shares in Mobile Telecommunications Limited (MTC), priority would be given to previously disadvantaged Namibians, MTC has said.
The company announced this last Friday, and has set 20 September this year as the date to release the prospectus detailing how much its shares will cost as the company prepares to go public.
Approval to list has been granted by the Namibian Stock Exchange (NSX) and the prospectus was submitted to the registrar of companies last week.
The listing of MTC's 49% is the largest proposed listing by a Namibian company since the establishment of the NSX and will have Namibia Post and Telecommunications Holdings Limited (NPTH) retaining the 51%.
NPTH - A 100% state-owned company holds majority of the market share in the country's telecommunications industry through MTC and Telecom Namibia.
MTC is expected to 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," said MTC.
Previously disadvantaged Namibians will be given preference on the shares, then MTC staff and customers, followed finally by Namibian institutions, the Southern African Development Community 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 at 12h00 on 1 November 2021.
Following the announcement, the internet was abuzz with several Namibians overjoyed. Among them was former NPTH board member Ally Angula who said this listing is a "win for the Namibian people. Please register to buy your share of a great Namibian brand".
The information and technology sector in which MTC is part, registered a 17,4% growth in 2020 and is expected to grow by 7,4% this year according the Bank of Namibia predictions.