Botswana Stock Exchange Limited (BSEL) has submitted names of its new board of directors to Non Banking Financial Institutions Regulatory Authority (NBFIRA) for vetting.
BSEL Chief Executive Officer, Thapelo Tsheole without divulging the names of the incoming board, said the regulator is set to conclude the process by end of September. BSEL is regulated under NBFIRA “Eight are independent and two are non-independent,” said Tsheole highlighting that the development is part of reengineering BSEL, now a public company.
Tsheole is one of the non-independent directors by virtue of being the exchange’s CEO and the other non-independent director is a broker.He said once the new board is approved by the regulator, BSEL will revisit its strategy to incorporate the aspect of corporatization.“Our target is to move fast past the strategy post demutualization,” said Tsheole who is upbeat of the recent demutualization.
“The good thing is that it (demutualization) opens up to a lot of opportunities of companies that want to list on demutualised bourse,” said Tsheole at the sidelines of the 4th opening bell ceremony at BSEL headquarters in Gaborone.BSEL joins 28 other stock exchanges across the globe that has undergone the process.On operations, Tsheole said the exchange continues with a lean workforce and more efforts will be on business development initiatives, to improve both equity on the bourse and profits for BSEL.
Tsheole also highlighted that two or more listings should be expected on the bourse before the year end, while Botswana Building Society (BBS) has started trading this week, registered on the Serala over the counter (OTC) board, where its stock is currently traded amongst limited