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1 Botswana Stock Exchange Limited Annual Report 2018 1 Botswana Stock Exchange Limited Annual Report 2018 2 CONTENTS Highlights For 2018 2 Mission, Vision & Value Statements 4 Botswana Stock Exchange Limited Overview 5 Our Board Of Directors 6 Our Management Team 10 Our Organisational Structure 13 Our Staff 14 Chairperson’s Statement 16 CEO’s Review 18 1.0 Theme – A New Chapter Awaits 18 2.0 Equity Market Performance 20 3.0 The Exchange Traded Funds (ETFs) Market 30 4.0 Bond Market Performance 36 5.0 Market Indicators 39 6.0 Comparison With Selected Markets 43 7.0 Primary Market 48 8.0 Departmental Reviews 49 9.0 Research Topic: Opportunities For Real Estate Investment Trusts On The BSE 55 10.0 CEO’s Appreciation 57 11.0 Graphical Review 58 12.0 Market Statistics 62 13.0 Financial Statements 71 Botswana Stock Exchange Limited Annual Report 2018 3 HIGHLIGHTS FOR 2018 01 • Demutualisation of the 02 Exchange and registration as BSE Limited on 2nd August 2018 > 81.3% owned by Government • Total securities turnover of of Botswana and 18.7% P4.4 billion in 2018, owned by the four (4) stock compared to P3.2 billion in brokers (African Alliance 2017. Botswana Securities, Imara Capital Securities, Motswedi Securities, Stockbrokers Botswana) 04 03 • Record annual bond turnover of P2,227.2 million compared to P535.6 million in 2017 • Equity turnover of P1,862.2 million > 97.9% of the bond turnover > Highest single turnover in 2018 was was trading of Government P458.6 million recorded on 15th bonds November 2018 > 2.1% of total bond turnover was > Highest daily trade per counter was from corporate bonds trades P425.6 million of Sechaba Brewery Holdings Limited on 15th November 2018 > Top three (3) traded counters in 2018 were: * Sechaba Brewery Holdings Limited 05 (P481.6 million) (P425.9 * Letshego Holdings Limited • Two (2) equity listings (Seed million) Co. International Limited & * New African Properties (P298.4 BancABC Botswana) million) > Seed Co. International Limited listed by introduction > BancABC Botswana listed by private placement Botswana Stock Exchange Limited Annual Report 2018 4 07 06 • Ten (10) bond listings and four (4) bonds matured > Three (3) Government bonds and seven (7) • Two (2) equity delistings corporate bonds (African Energy > Government bonds raised P2,513.0 million from Resources Limited & Blue new issuances and re-openings Financial Services) > Corporate bonds raised P687.53 million 08 09 • First Serala OTC Board • BSE designated as a registration (BBS Limited) Recognized Stock Exchange > Brought with it 25,862 by the United Kingdom’s shareholders Her Majesty’s Revenue and Customs (HMRC) 11 12 10 • Introduction of • Completion of the the Domestic new CSD system • Commencement of Companies Total tender the monthly Opening Return Index (DCTRI) > Implementation to Bell Ceremonies and Composite be completed in effective June Fixed Bond Index 2019 (BBIFixed) Botswana Stock Exchange Limited Annual Report 2018 5 MISSION, VISION & VALUE STATEMENTS MISSION STATEMENT To drive sustainable economic growth by providing a gateway for raising capital and accessing investment opportunities. VISION STATEMENT To be a world-class securities exchange delivering innovative products and services. OUR VALUES • Innovation: We are committed to continually re-inventing products and services by adopting the best technology and practices. • Integrity: We are professional and accountable for our actions, and uphold the highest ethical conduct in our execution and adhere to the highest standards of corporate governance. • Sustainability: We will employ business methods that adhere to the proper use of financial and human resources as well as the environment we operate in. • Efficiency: We endeavor to accomplish more with the available resources and time. • Commercial Focus: We are geared towards revenue maximization for the company and stakeholders. • Teamwork: We are collaborative with internal and external stakeholders to ensure excellent returns and delivery. Botswana Stock Exchange Limited Annual Report 2018 6 BOTSWANA STOCK EXCHANGE LIMITED OVERVIEW Our Inception demutualisation process commenced domestic companies and nine (9) The Botswana Stock Exchange on 1st December 2015. That is, the foreign companies. Further, the BSE Limited (BSE Limited or BSE) is conversion from a member owned, has forty-nine (49) listed bonds and Botswana’s sole stock exchange not-for-profit, entity to a for-profit three (3) Exchange Traded Funds. given the responsibility to operate public company limited by shares Moreover, BSE has one (1) registration and regulate the securities market. under the Companies Act. Ultimately, on its Serala Over-the-Counter (OTC) The formation of the BSE can be BSE was demutualised on 2nd Board. traced back to 1989, when it was then August 2018 and is now owned by known as Botswana Share Market the Government of the Republic of Our Regulatory Environment (BSM). At that time there was no Botswana and the stock brokers. The BSE is regulated by the Non- formal stock exchange in Botswana Bank Financial Institutions Regulatory and the BSM traded as an informal Our International Affiliations Authority (NBFIRA) and is governed market. At the time, there were The BSE is an Affiliate of the World by two (2) pieces of legislation. only five (5) listed entities with a Federation of Exchanges (WFE), a These are the Companies Act and the single broking firm i.e. Stock Brokers Partner Exchange of UN’s Sustainable Securities Act. The BSE, as a public Botswana Ltd (SBB), which was also Stock Exchange (SSE) initiative, a limited company, is also governed by charged with facilitating trading on member of the African Securities its Constitution. the exchange. Exchanges Association (ASEA), a member and Secretariat of the For regulating the affairs of the In September 1994, the legislation Committee of SADC Stock Exchanges members (stock brokers), the BSE to transform the BSM into a (CoSSE) and a Recognized Stock utilises the Members Rules which full exchange was passed by under the UK’s HMRC. provide, as the main objective thereof, Parliament paving the way for the “to operate a Stock Exchange in establishment of the BSE where Our Products Botswana with due regard to the trading opened in November 1995. Currently, the products that can be public interest to maintain fair and In March 1998, Ernst and Young took listed on the BSE include Equities, efficient dealing in securities for the the full administration of the BSE. Corporate Bonds, Government protection of investors and regulate With effect from July 2001, a full Bonds and Exchange Traded Funds. the affairs of members.” time Chief Executive Officer was The BSE continues to be pivotal to appointed with the aim of making Botswana’s financial system, and in In addition, the BSE has a set of the BSE completely independent. particular the capital market, as an Listings Requirements which provide In April 2003, the BSE discontinued avenue on which government, quasi- the pre-listings and post-listings the secretarial role of Ernst and government and the private sector requirements to be observed by Young Botswana to become a fully can raise capital. The BSE plays host the issuers of listed securities. BSE independent entity. to the most pre-eminent companies has different Listings Requirements doing business in Botswana. These governing the different types of Our Evolution companies represent a spectrum securities e.g. Debt, Equities and Historically, the exchange was owned of industries and commerce; these Exchange Traded Funds (ETFs). The by its members (stock brokers), are Agriculture, Banking, Financial emphasis is to make sure that issuers through ownership of Proprietary Services, Wholesaling & Retailing, disclose adequate information to Rights, and the Government of Tourism, Energy, Mining & Materials, the public and investors to facilitate Botswana through the provision Property & Trust, Security and informed investment decision making. of subventions. Government and Telecommunications. As at the brokers have played a meaningful end of 2018, there were thirty five role of developing various facets (35) listed companies on the BSE of the market as a whole. BSE’s which comprise of twenty six (26) Botswana Stock Exchange Limited Annual Report 2018 7 OUR BOARD OF DIRECTORS Lieutenant General Tebogo C. Masire Mr. Basimane Bogopa Mr. Davis Tele Chairperson Member Member Mr. Martin Makgatlhe Mr. Norman Moleele Mr. Ogone Mothooagae Member Member Member Ms. Itumeleng Mareko Ms. Lekono Phiri Prof. Onkutlwile Othata Member Member Member Botswana Stock Exchange Limited Annual Report 2018 8 OUR BOARD OF DIRECTORS (CONTINUED) The Constitution of the BSE provides as it may deem appropriate. than eight (8) and no more than ten that the Board of Directors shall be The Constitution further provides (10), inclusive of the Chief Executive vested with all powers necessary that the Board shall consist of the Officer. The Chief Executive Officer for the governance of BSE and the Chairperson of the Board, the Chief shall be an ex officio member of the promotion of the welfare, objects Executive Officer, and such number of Board of Directors and shall not be and purposes of the Exchange. directors elected by the shareholders entitled to vote. The current Board of The exercise of such powers may of BSE as is fixed from time to time Directors is constituted as follows: adopt such rules, issue such orders, by resolution of the Board, provided directions and make such decisions that such number shall not be less MEMBER POSITION DATE OF APPOINTMENT Lieutenant
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