(Ecofin Agency) - Experienced banker Lorato Boakgomo-Ntakhwana (photo) has been appointed as new Chairman of the Botswana Telecommunications Corporation Ltd (BTCL), one of the major local companies listed on the Botswana Stock Exchange.

Local media suggest that the appointment should restore investor confidence, and pull up the firm’s market capitalization.

BTCL’s listing on the Botswana Stock Exchange last April sparked the interest of the investor community. They were pulled by the prospects of profit which often characterize telecommunication firms. However, their euphoria quickly faded. From a pula at first, the firm’s share initially soared to 1.34 Pula ($0.08) before falling by nearly 15% to 0.85t.

The first alert came as the company published its results which showed losses. Investor confidence was further shaken after the company announced it would not renew Paul Taylor’s contract as managing director despite the public opinion praising his performances.

Mrs. Boakgomo-Ntakwana has almost 30 years of professional experience in the banking sector, at the First National Bank Botswana. She contributed significantly to the firm’s expansion. She then held the position of Deputy CEP of FNB International and Portfolio Executive for Emerging Countries. Now, her first task as the new board’s chairperson will be to find a new managing director for Botswana Telecommunication.

Idriss Linge