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Celtel shares to start trading next week

Celtel shares to start trading next week
By Chiwoyu Sinyangwe
Wednesday June 04, 2008 [04:00]

SHARES of Celtel Zambia are set to start trading next week as it concludes its IPO, sponsoring brokers Pangaea Renaissance Securities Limited managing director Ceasar Siwale confirmed yesterday. The Initial Price Offer (IPO) for Celtel Zambia, the country’s largest mobile phone operator, closed on May 20, and officials say it was oversubscribed.

In the IPO, twenty per cent of Celtel Zambia was offered to the public and investors through appointed agents. The price for shares was K640 and the stock would start trading June 11 on Lusaka Stock Exchange (LuSE), and fluctuate in price according to demand.

And according to The Industry Standard, because there was more demand than allocated shares, allotment letters and refunds will issued by Pangaea Renaissance Securities, the joint lead manager and sponsoring broker, around June 10.

“The selling shareholder will provide preference in the allotment process to the Zambian Public and Zambian institutional investors,” Siwale told The Industry Standard.

But Siwale also noted that the selling shareholder reserves the right to accept applications, either in whole or in part, or to accept some applications in full and other in part, or reject or all applications in such manner as it may determine.

Celtel International is a subsidiary of Zain, the trading name of Mobile Telecommunications Co., the fourth largest mobile telecommunications operator worldwide by geographic footprint.

The company is a leading mobile telecommunications provider in the Middle East and Africa, operating in 22 countries with more than 47.5 million customers.

Labels: CELTEL, LUSE

posted by MrK @ 3:38 AM