[2007-12-20]  PrimeTime lists on Stock market
PrimeTime Property Holdings will list on the main board of the Botswana Stock Exchange today, becoming the first property company on the domestic bourse.

The listing follows the closure of the company's Initial Public Offer (IPO), which was over subscribed by 325 percent, last Friday. Only six million linked units were on offer, but there was enormous interest in the stock as total applicants amounted to over 19.7 million units.

Eighty-six million units were initially in issue, but 80 million were taken up by a private placement through institutional investors, leaving 6 million units available to the public at a price of P1.25 each.

In a statement, the directors of PrimeTime said applicants were allotted their first 15,000 linked units while those applying in excess of 15 000 units received 11.28 percent of the balance.

It is estimated that at least 56 percent of the shares will be in the hands of investors. Olympia Capital was the last company in 2005 to list on the bourse through an IPO.

PrimeTime, whose portfolio ranges from retail property to office and industrial property, was seeking to raise at least P107 million from the IPO from which P32 million will be used to acquire new properties, while about P73 million will go towards offsetting standing debts and about P2. 5 million will cover the IPO's transaction costs.

PrimeTime's portfolio, which has an aggregate market value of P148 million, consists of properties such as the United Nations Place, the South African High Commission, Independence Place, South Ring Mall, and Capricorn House, all in Gaborone.

Properties in other towns include Mantlo House in Francistown, Ramotswa Shopping Centre, Boiteko Junction in Serowe and Ghantsi Shopping Centre.

Meanwhile, another listed company, Letshego, has withdrawn a cautionary statement it has been flighting for the past few months.

Letshego has been warning shareholders to exercise caution when dealing with their securities following an announcement that certain shareholders with a significant minority stake in the company were contemplating selling their shares, a development which could have had an effect on the stock's price.




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