GABORONE, Aug. 8 (Xinhua) -- Botswana Stock Exchange has fully demutualized following its conversion from a mutual exchange to a public company.
Addressing the media, Thapelo Tsheole, Chief Executive Officer of the BSE Limited on Wednesday said the pace of stock exchanges' demutualization across the globe has been rapid in developed markets and slower in emerging markets.
"On our part, the pace of demutualization has been exceptional and without hurdles, and BSE Limited now joins an elite league of stock exchanges as it is the seventh among twenty-eight stock exchanges in Africa to have undergone demutualization," said Tsheole.
He said the demutualization and immediate corporatization of the Exchange brings forth enormous efficiencies that will enable the bourse to discharge its mandate and drive value for shareholders and stakeholders.
"We strive to become a world class securities exchange," Tsheole said.
Tsheole also highlighted that the development will significantly energize the capital market in Botswana, and the continent at large.
The demutualization of the BSE began on Dec. 1, 2015, when the BSE Transition Act, No. 2 of 2015 came into operation.
As a result, a committee comprising of broker representatives and Government representatives, as well as the Minister of Finance and Economic Development, played a strategic role in the entire end to end process of demutualization, along with management.
Following the demutualization exercise government emerged the biggest shareholder at 81 percent alongside four brokers who share the remaining percentage.
