Largest proposed listing by a Namibian company since founding of local bourse – MTC set to go live
MTC’s primary listing on the main board of the Namibian Stock Exchange (NSX) has been approved by the NSX, the mobile service provider announced Friday.
49% of ordinary shares in MTC will be made available to the general public during the public offer which will open on 20 September 2021. It is anticipated that MTC will be listed before the end of November 2021, while Namibia Post and Telecommunications Holdings Limited (NPTH) will retain a minimum of 51% of MTC post listing.
In a statement issued on 20 August, MTC invited the public to subscribe for shares, stating that 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.
The company said in the event that the public offer is oversubscribed the order of the allocation process will first be to previously disadvantaged Namibians, then to MTC staff and customers, followed by Namibian natural persons and Corporates and finally to Namibian Institutions, 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.
“We have dedicated and trained staff members in all Mobilehomes and selected Nampost outlets to assist you with the completion of your application form. A step-by-step information leaflet will also be available at all Mobilehomes and will explain the process to apply for, and pay for shares, as well as what documents are required to accompany the application form,” said Tim Ekandjo: Chief Human Capital and Corporate Affairs Officer at MTC.
Ekandjo added a dedicated HelpDesk number was created as channel to assist clients and the public from 20 September 2021 with questions on the application process on the tollfree number 90112.