[2007-11-26]  Property giant set to list on BSE
Property giant Prime Time Property Holdings is set to list on the Botswana Stock Exchange (BSE) next month after this week's opening of its Initial Public Offer (IPO) through which the company hopes to raise about P107 million capital.


The company, whose portfolio ranges from retail property, to office and industrial property, officially opened its IPO on Tuesday and is scheduled to run until December 7.

During this period the public will be able to buy Prime Time shares at P1.25 per share with over six million shares on offer.

Speaking at a press conference in Gaborone on Wednesday, Geoffrey Bakwena, Head of Stockbrokers Botswana, the sponsoring brokers for the placement, said the BSE listing committee has already given the green light for the listing and the anticipated date of listing is December 20.

"The BSE listing committee has already approved the listing in principle and shares of Prime Time should start trading by December 20.

"We believe the listing will unlock value for the company and shareholders and at the same time give investors an opportunity to be part of this growing property company that has enormous potential.

"We are also urging investors to snap up this opportunity - to buy the Prime Time shares - as there would be no commissions or any other charges levied, rather than wait for the time when the company is listed."

Bakwena added that from the 86 million shares in issue, 80 million were taken up through a private placement through institutional investors, leaving six million shares available to the public.

Although Prime Time is a relatively new name, specifically crafted for the placement, the flagship of the firm is Time Projects, a property firm that has been operating in Botswana for over 21 years and owns at least 13 properties through various subsidiary companies.

Prime Time managing director Alexander Kelly said that the placement comes at an opportune time when they are just celebrating their 21st birthday in the country.

" Prime time is offering, through the linked units, investors an investment in a diverse range of properties through an efficient, transparent, and liquid ownership structure, which has many advantages over the holding of physical property.

"We see this as partnership with our investors as we are proud of what we have developed over the past 21 years," said Kelly. Although the placement and subsequent listing of the Prime Time is being viewed as a significant growth prospect, a huge chunk of the money to be raised in the IPO will not be used for expansion, as it will go towards retiring an existing debt. Kelly said that from the P107 million to be raised from the offer, only P32 million will be used to acquire new properties, while about P73 million will go towards offsetting standing dents and about P2. 5 million will cover the IPO transaction costs.

Prime Time property portfolio, which has an aggregate market value of P148 million, comprises properties such as the United Nations Place, 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 Ghanzi Shopping Centre.

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