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Sunday 21 April 2019
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PM blocks Calle’s MTC talks

A war of words ensued in Cabinet this week after the Minister of Finance Calle Schlettwein attempted to provide an update regarding the status of MTCs road to listing on the Namibian Stock Exchange.
Schlettwein’s attempts were shot down, sources privy to Cabinet say, by Prime Minister Saara Kuugongelwa-Amadhila who allegedly refused to entertain Schlettwein’s remarks and instead deferred the matter to the Cabinet Committee on Treasury(CCT). Schlettwein is the chairman of CCT.
“The finance minister, just like he did with the unsolicited bid of the oil storage, came to Cabinet with his own agenda and tried to start discussions around the MTC matter. Some of us find this strange because we do not see why this matter should be rushed,” said the source.
The Cabinet ruckus occurred days before potential sponsors presented their bids to MTC. The bids were presented yesterday to the NPTH Board of Directors.
A NSX sponsor acts as a bridge between a listed company and the stock exchange.
The sponsors on the NSX include Namibia Equity Brokers (Pty) Ltd, PSG Wealth Management (Pty) Ltd, Simonis Storm Securities (Pty) Ltd, Merchantec Capital Namibia (Pty) Ltd, Old Mutual Investment Services (Namibia) (Pty) Ltd, PointBreak Wealth Management (Pty) Ltd, Namibia Equity Brokers (Pty) Ltd and IJG Securities (Pty) Ltd.
With the Minister of Information and Communication Technology(MICT) expected to appoint a new MTC board during the coming weeks, questions have been raised as to why “there is a rush to appoint a sponsor”.
“Why the rush, surely it is sensible to rather wait for the new board to come in and appoint a sponsor since they will be expected to work together.
A new CEO will also have to be appointed, surely the new board and CEO should be allowed to make that appointment. For those who are saying the process to appoint a sponsor must be rushed because of the conditions set out by CRAN, perhaps they are forgetting that MTC has to list within 12 months.
Six months has not even passed yet,” said another source who is privy to the MTC events.
When CRAN approved for the transfer of the control of class comprehensive telecommunications service licence and all spectrum use licences issued to MTC to Namibia Post and Telecom Holdings from Samba DutchCo. B.V, one of the conditions was that MTC must be listed on the Namibian Stock Exchange (NSX) within a period of 12 months from the date that the resolution is communicated to the petitioner, of which 29% of the shares should be allocated as free float and sold to private and/or local investors subject to sections 35 and 46 of the Communications Act.




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