Namibia’s market leader MTC (Mobile Telecommunications) has been cleared for a public listing by the main board of the Namibian Stock Exchange (NSX).
In a statement confirming the public offering, MTC explained that state holding firm Namibia Post and Telecommunications Holdings Limited would retain its 51% stake in the operator, with the general public invited to bid on the remaining 49% of ordinary shares. Local news outlet New Era notes that this is the largest proposed listing by a Namibian firm since the inception of the NSX.
MTC’s statement said that the listing represented 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 operator added that it expects the prospectus to open on 20th September 2021, with the shares listed before the end of November 2021. TeleGeography reports that if the listing is oversubscribed, shares will be allocated to “previously disadvantaged Namibians” as a priority, then to MTC staff and customers, Namibian citizens, corporations and finally local institutions, SADC, and international investors.