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BTCL IPO postponed to 2015


The Ministry of Transport and Communications (MTC) has released the latest update on the much-anticipated Botswana Telecommunications Corporation Limited (BTCL) Initial Public Offer (IPO).

According to a statement a number of considerations have necessitated that the IPO, which was scheduled to be opened by the end of 2014, be extended into 2015.

“The Project Team has been working around the clock to bring this listing to Batswana. What has always been apparent is that the complexities and the sheer magnitude of privatising BTCL is a challenging task. It was thus always an ambitious timeline to conclude before year-end, one that all in the Project nevertheless believed was achievable. However, a number of material steps, including securing the necessary underwriting arrangements, remain to be concluded.”

Further, the Ministry says it must be noted that one cannot over emphasise the magnitude of the work that has been completed to date along the path to bringing this IPO. “The journey to this point has taken many man hours over a number of years. We are confident that the remaining steps will comfortably be achieved in the New Year.”

“Throughout this project we have sought the advice and guidance of all stakeholders. This included our potential investors both as the general public via the much published “di Pitso” and through special workshops where we engaged with potential institutional investors.”

“As we engage with the potential individual investors we are reminded of the core mandate of this IPO; “deliver an IPO that allows maximum potential for citizen participation”. A deferred IPO opening would have the additional benefit of allowing more Batswana to continue to save to enable them to participate in what will be the most significant listing in the history of Botswana.

Institutional investors also felt that opening over the holiday break would not allow them enough time to conduct their own internal processes (convening investment committees, seeking board approvals and so forth). They also felt that as the BTCL IPO was a unique offering for Batswana providing them more time would help in ensuring more participated after the holiday break.

After considering all advice and guidance from our Project team it has been decided that it might be counterproductive to expect the relevant authorities to rush their own processes in our haste to open the IPO this year.”
 
A new date for the opening of the offer (IPO) will be announced in the new year.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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