MSM boasts inaugral listing

On Monday 6^th December 2021, RNB Properties Limited made history for itself and for Maseru Securities Market as the first company to list on Maseru Securities Market platform. The occasion that took place in the auditorium of the Central Bank of Lesotho was graced by the presence of Chief Executive Officer and Board of Directors – RNB Properties Ltd, Acting Chief Executive Officer of MSM, the Registrar of Capital Markets and members of the media fraternity.

Speaking at the event, RNB Properties CEO Ms. Bataung Mokotjo expressed her gratitude to MSM, the Registrar of Capital Markets, the sponsoring broker – Katleho Securities and Board of Directors of RNB Properties for their efforts to ensure that in the end RNB shares would trade on MSM.  She explained that the journey towards listing which started in 2018 was not an easy one but was challenging and needed endurance. She mentioned that the COVID-19 pandemic made it even harder as it was difficult or in some cases impossible to interact with relevant authorities and stakeholders to make necessary preparations. At that, she further thanked RNB clients, partners and stakeholders for all having played their contributory role to the listing, which in the end she said they would benefit from. She also told attendees that the listing marked a new dawn for the company, as it would allow for implementation of the company’s expansion plans and position the company as a strong player in real estate market in Lesotho and to eventually bring high returns to investors.

Speaking on the same occasion, the Registrar of Capital Markets and Governor of the Central Bank of Lesotho, Dr. Retšelisitsoe Matlanyane congratulated RNB Properties for being pioneers of what she termed a great initiative. She told the audience that RNB has taken a giant step that would most probably signal to many other companies that listing a company on MSM is possible and achievable. She encouraged RNB management to run the company in a professional and transparent manner that would enable it to grow to new heights for the sake of its shareholders and the economy at large.  She mentioned that Capital Markets are source of patient capital and cannot be replaced by banks, whose funds are naturally short-term in nature. She concluded by reiterating that the task ahead to making capital markets work in Lesotho remains huge but not daunting hence she invited all participants to navigate their diverse roles to make capital markets work for the ultimate benefit of the economy and all citizens.

Finally, the Acting CEO of MSM Mr. Motebang Mphi congratulated RNB for making it to list as the first company ever to float their shares on MSM. He said that the company must not be complacent with its admission but should strive harder to achieve more than just minimum requirements needed to list a company shares on MSM.  He highlighted the importance of the company to disclosing all company information to its investors without any hesitation so that the shareholders will be able to make their own independent determination on the affairs of the company. He concluded by saying that RNB listing should not be seen as the destination, but the beginning of a new journey of disclosure and compliance for the ultimate benefit of the shareholders.

At that, during the inaugural listing of RNB Properties Ltd, the shares of the company opened the trading floor at the price of M16.00 per share, which represents a growth from the M10.23 that investors paid to earn per share during the Initial Public Offering (IPO) earlier.