Government closes BTC share sale loophole

18 Aug 2014

The government of Botswana has pushed through a bill to alter the terms of the proposed allocation of shares in the forthcoming privatisation of Botswana Telecommunications Corporation Limited (BTC). The state is offloading 49% of its interest in the telco via an initial public offer (IPO) scheduled for 22 August, with the sale open only to Botswana nationals. 5% of this sale is reserved for BTC employees, but a loophole in earlier legislation meant that non-Batswana employees could buy shares. The new amendment ensures that the loophole is closed and only citizens of Botswana can take part in the IPO.

Botswana,Botswana Telecommunications Corporation (BTC),

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