De Beers, Avis and the McCarthy retail group have announced their decision to list their shares on the small and relatively young Botswana Stock Exchange (BSE). McRetail (whose subsidiaries include Bee Gee clothing stores, Beares furniture and Game Discount Supermarket) are already listed on the JSE and plan to list on the Namibian Stock Exchange. The dual listing on the BSE will take effect on 8 April 1997. According to a statement released by Fleming Martin SA Ltd, McRetail has applied for the listing of its ordinary shares on the BSE and NSE "to demonstrate its commitment to the development of Botswana and Namibia and their economies, and to ensure accessibility of its shares to the people of Botswana and Namibia".
The De Beers/Centenary listing on the BSE takes effect on the 7th March 1997, as a dual listing with Namibia.
The new listings are the first since the relaxation of capital account Exchange Controls in December 1996 enabled foreign registered companies to list on the BSE and be regarded as domestic investors.
During the first week of March 1997, the BSE index reached an all time high, largely as a result of significantly improved results being announced by Barclays Bank of Botswana Limited and Standard Chartered Bank of Botswana Limited.
The content of this article is intended to provide general information on the subject matter. It is not therefor a substitute for specialist advice.
Minchin & Kelly (Botswana) - Gaborone +267 312734
