Botswana's oldest stockbroker, Stockbrokers Botswana, will terminate its membership with the Botswana Stock Exchange and its participation in the Central Securities Depository Botswana (CSDB) effective 31 October 2024.
The company's client accounts will be transferred to Imara Securities.
Stockbrokers Botswana's troubles started to unravel in May this year when the broker was suspended for three months by the Botswana Stock Exchange (BSE). The suspension, effective 1 July, was for unspecified non-compliance with the BSE's rules.
A month following the BSE suspension, Stockbrokers Botswana announced to clients that it was suspending operations indefinitely. Meanwhile, in the course of the debacle, Choppies dropped Stockbrokers Botswana as its main sponsor on the BSE.
Founded in 1989 to broker deals in Botswana's then-nascent share market, the broker was instrumental in the establishment of the Botswana Stock Exchange in 1994 and has been involved in every main board equity listing on the BSE since inception.