Letshego Africa Holdings has secured P631.9 million from its P800 million rights offer, with the Botswana Public Officers Pension Fund (BPOPF) set to take up a significantly larger stake in the financial services group after underwriting the capital raise. The rights offer attracted sufficient commitments to raise the targeted P800 million, although a portion of the proceeds remains subject to regulatory approval.
The company offered 1.096 billion ordinary shares at P0.73 each, giving existing shareholders the opportunity to subscribe for one new share for every 1.984722 shares held as at 16 October 2026. The offer, which closed on 6 November, was fully underwritten by BPOPF. BPOPF subscribed for 207.5 million shares worth P151.5 million, representing 18.932% of the total offer, while other shareholders subscribed for 154.4 million shares worth P112.7 million, accounting for 14.09% of the offer.
Letshego’s Rights Offer Attracts Significant Investment
The rights offer was a crucial capital-raising exercise for Letshego Africa Holdings. BPOPF’s involvement as an underwriter allowed the company to secure a substantial portion of the funds needed. The pension fund will take up 503.7 million shares worth P367.7 million without requiring further regulatory approval.
However, another 230.3 million shares, valued at P168.1 million, remain subject to regulatory clearance. This includes approval from the Competition and Consumer Authority. The outcome of this regulatory process will determine if Letshego can raise the full P800 million.
BPOPF’s Increased Stake in Letshego
BPOPF’s additional allocation will significantly increase its shareholding in Letshego. Currently, the pension fund holds 809.1 million shares, equivalent to 37.2% of the company’s issued share capital. The final position will depend on regulatory approval for the remaining shares.
Letshego and individuals associated with the group also participated in the rights offer. Letshego will subscribe for 14.56 million shares held in treasury, valued at P10.6 million. Other subscriptions include shares acquired by the Chief Executive Officer of Letshego Holdings Namibia and a director of Letshego Financial Services Proprietary Limited.
Next Steps for Letshego’s Rights Offer
- Regulatory approval for the remaining shares is pending.
- Shares are scheduled to be issued on 20 November 2026.
- Final capital raised will depend on regulatory outcomes.
The rights offer positions BPOPF as a central player in Letshego’s shareholder structure.
