MTC hush-hush on listing, JV partner

24 September 2019 | Business

MTC, which was supposed to be the poster child for a cash-strapped government looking to list its commercial state-owned enterprises on the Namibia Stock Exchange, says it will not give in to pressure to pronounce itself on its planned listing on the local bourse.

Two years since the announcement of the planned listing by then acting CEO Thinus Smit, there has been no further word on the plan.

MTC board chairperson Elvis Nashilongo was tight-lipped when asked to provide an update on the planned listing.

Nashilongo would also not comment when asked whether the mobile operator would rope in the expertise of a technical partner.

It had not operated without the assistance of a technical partner since its launch in 1995.

“MTC will not be pressurised to publicly pronounce itself on matters of commercial nature in a competitive market environment. The company, in consultation with the shareholder, will communicate if and when it is appropriate to do so,” Nashilongo said.

The mobile operator kicked off its listing process in January when it placed a bid in local media through Namibia Post and Telecommunications Holdings (NPTH). NPTH owns Telecom, MTC and NamPost on the government's behalf.

Government had first announced the planned listing of MTC in 2016. Government had at one point also flirted with the idea of buying Samba's 34% stake with a loan from the Government Institutions Pension Fund (GIPF).

IJG Securities and PSG Wealth Management Namibia were announced as joint sponsoring brokers for the listing project in May. MTC executive Tim Ekandjo said the mobile operator expected listing on the NSX by July 2020.

Nashilongo was equally tight-lipped when asked about the appointment of a new CEO.

“The process of recruiting the MTC CEO is ongoing and the board shall pronounce itself once all stages are concluded,” Nashilongo said.

MTC has not yet appointed a permanent CEO to replace Portuguese national Miguel Geraldes, who left MTC in February 2017.

OGONE TLHAGE

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