Telecoms: Botswana to list parastatal

BOTSWANA Telecoms, the first Botswana parastatal to be sold to the public, will offer shares at 1 pula to 1.20 pula (R1.20 to R1.44) in a planned initial public offering (IPO) next month. The country would sell a 44 percent stake to citizens of Botswana on or about November 7, managing director Paul Taylor said yesterday in Gaborone.

The government had not agreed to the volume of shares to be sold and the valuation had not been determined, he said. “The final price will be revealed in the prospectus, which will be available in November,” Taylor said. “There are a number of processes that have to take place before that, but the publication of the prospectus will also mark the opening of the offer.” Botswana Telecoms was founded in 1980. The government, which plans to retain a 51 percent stake, decided to sell in 2008. Staff will get 5 percent. Source: Bloomberg