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    Home»Sections»Namibia to partly privatise leading mobile operator MTC in listing

    Namibia to partly privatise leading mobile operator MTC in listing

    Sections By Agency Staff21 September 2021
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    Namibia’s biggest mobile operator MTC plans to raise N$3.1-billion (R3.1-billion) in a November listing, as the government seeks to fund its social programmes and cut debt.

    The planned initial public offering (IPO), which a prospectus launched on Monday shows will see MTC sell a 49% stake, is the largest listing by a Namibian company and a first by a state-owned entity in the country.

    The listing of MTC, which has paid regular dividends to the government, is expected to help Namibia pare some of its sovereign debt, public enterprises minister Leon Jooste said earlier this month in a public briefing.

    Africa has lagged other emerging markets which have seen an IPO boom in the last year and a half

    Africa has lagged other emerging markets which have seen an IPO boom in the last year and a half, as stock markets soared and investors flocked to them in search of better returns.

    The performance of public offerings such as MTC’s are likely to be seen as a gauge of appetite for IPOs in African countries, which are often known for regulatory and funding challenges, several international investors have said.

    The state-owned company, which has 2.4 million subscribers, has offered its shares at N$8.50, the prospectus showed, and the subscription will be open until 1 November ahead of a listing on the Namibia Stock Exchange on 19 November.

    The mobile carrier has a strong dividend pay-out profile with an average of 75% of net profit paid out over four years since 2016, the IPO prospectus shows.

    MTC boasts a 90% market share in mobile telecommunications, with a well-penetrated transmission and distribution network as well as a 97% population coverage, it added.  — Reported by Nyasha Nyaungwa, (c) 2021 Reuters

    Leon Jooste MTC MTC Namibia
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