Govt to raise N$3bn from MTC listing Featured

July 31, 2021

The Namibian government is set raise between N$3 billion-N$3.5 billion from the listing of Mobile Telecommunications Limited (MTC) on the Namibian Stock Exchange, giving the company an evaluation of over N$6 billion.

The Namibian government is set raise between N$3 billion-N$3.5 billion from the listing of Mobile Telecommunications Limited (MTC) on the Namibian Stock Exchange, giving the company an evaluation of over N$6 billion.

Government through the Namibia Post and Telecommunications Holdings Limited (NPTH) is currently the majority shareholder in the business and plans to offload 49% of its shares. Finance minister Iipumbu Shiimi on Friday said funds raised from the listing will provide much needed revenue to government.

“Proceeds from the sale will go to the shareholder. Government has a lot of priorities at the moment such as dealing with the pandemic and reducing its debt levels,” he said.

MTC Board Chairperson, Theo Mberirua said 367.5 million shares will be made available to the public.

“There will be more than enough shares available for all Namibians,” he said.

Application for the telecoms company shares is set to open on the 20th of September, closing on the 1st of November 2021.

“During this period investors will be able to submit their applications for the MTC shares,” Mberirua said.

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Last modified on Monday, 06 September 2021 13:45