Botswana Stock Exchange readies for its own listing
Botswana Stock Exchange (BSE) has gone private and will operate as a company with shareholding.
Now to operate under the Companies and Intellectual Property Authority (CIPA), the newly established Botswana Stock Exchange Limited (Ltd) has intentions of listing in the BSE after thorough mediation between the shareholders.
BSE Limited Chief Executive Officer, Thapelo Tsheole revealed this at the BSE offices in Fairscape Precinct business district in Gaborone yesterday (August 8th).
Tsheole revealed that the infant company has five shareholders being the Government of Botswana, Motswedi Securities, Imara Capital Securities, African Alliance and Stockbrokers Botswana, which hold an 81.3, 4.32, 5.75, 2.88 and 5,75 percent stake in its shareholding respectively.
Speaking to the journey leading up to the formation of the company, Tsheole said the process was painful and emotional to both the stakeholders and the staff.
“There was just too much work to get through as well as persuading stakeholders such as the shareholders and stock brokers to go along with the idea,” said Tsheole of the painstaking process that took 4 years.
He explained that as the BSE CEO before the demutualization, he had to contend with a Board of Directors with nine people of which 6 were stockbrokers, the other three appointed by the Minister of Finance.
“This presented a conundrum in that the BSE governs stock brokers and should call them to book when they step out of line, but there comes a problem if the broker has six representatives in the board,” said a visibly relieved Tsheole…
Read complete article: The Voice
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