BancABC (BSE:ABC) – the largest subsidiary of ABC Holdings Limited – has listed on the Botswana Stock Exchange (BSE), becoming the fourth local bank to do so and joining 25 other local companies.
The bank holds 79.5 percent of 725,000,000 Ordinary shares in issue.
BancABC Managing Director Kgotso Bannalotlhe hailed the listing as a vital step in their growth strategy. He said Botswana is ABCH’s core market and now has Botswana ownership.
“We have reached the point where we have successfully completed the IPO process and been admitted to trading on the BSEL,” he said.
Bannalotlhe said the listing is in line with the company’s strategic focus of consolidating its market position. “We are currently the 4th most profitable bank and 5th largest by assets,” he declared, adding that they have a long track record of operating and innovating in the Botswana financial services sector.
“The listing on the BSEL has helped us raise further support in achieving our goal of becoming the bank of choice for individuals, corporates and public sector entities,” he said. Bannalotlhe said the bank achieved this by offering differentiated services through investment in technologically advanced interaction platforms.
He said the larger portion of the approximately P300 million raised will be dedicated to developing and enhancing the Group’s common IT infrastructure and banking platforms.
The company’s shares were offered at P2.00 per Share and raised P296.8 million.
BSEL CEO Tshepo Tsheole said ABCH was joining Barclays, FNBB and Standard Chartered Botswana (SCB) on the bourse.
“The bank has always been proactive and participated in discussions to improve the market and has also sponsored the 2016 BSE Listings and Investment Conference as a Gold Sponsor,” he said.
Tsheole also reflected on BSEL’s performance, saying as from January 3rd 2018 to December 11th of the same year, Government Bonds traded up to P2, 176.8 million while Corporate Bonds traded at P35.3 million. He said the number of Government Bonds stood at seven while corporate Bonds are 42.
