Thursday, March 24, 2011

Advisors Hired to Steer BTC Privatisation in Botswana

Botswana newspaper the Sunday Standard has reported that a consortium of members from Deloitte and local law firm Collins Newman & Co has been hired to advise on the privatisation of Botswana Telecommunications Corporation (BTC). 

The pair won the tender, which was launched late last year, beating off competition from four other local consortiums. ‘Their role as advisors will be to undertake evaluation of BTC assets, develop due diligence, build a structure of shares as well as ensure transaction closures at BTC,’ the Public Enterprises Evaluation and Privatisation Agency (PEEPA) stated.

In November 2010 president of Botswana, Ian Khama, confirmed plans to privatise incumbent telco BTC through an initial public offering (IPO) by April 2011. Under the sale plans a 49% stake will be sold to investors and BTC employees, while the government will retain the remaining 51%.

Shares will be sold to citizens in stages on the condition that when investors wish to dispose of their shares, the government will have the first option to buy them back.

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