Stockbrokers Botswana Suspends Operations

Almost a month after the announcement of the broker's suspension from the Botswana Stock Exchange (BSE), Stockbrokers Botswana (SBB) has announced that it will be suspending its operations effective from 30 June 2024.

In a communication sent to clients on 29 June, the broker stated that the suspension of operations was in the best interest of its clients. The broker did not acknowledge the suspension by BSE or communicate when it intends to resume operations.

"Kindly note that your investments and accounts remain secure and will be handled with the utmost care during this transition period. Our team will work diligently to ensure a smooth transfer of your assets to another brokerage firm or financial institution of your choice."

"Clients can approach the two brokers currently in existence to open accounts and get assistance transferring shares from SBB and updating their account details even after the suspension of business operations of SBB," SBB said in a statement.

It is still unclear why SBB was suspended from the BSE in the first place or why it has decided to self-suspend operations. It is also unclear whether SBB's decision to suspend its operations is tied to the suspension by BSE which is effective from 1 July.

Choppies dropped SBB as its BSE sponsor following the suspension.

Efforts by BW TechZone to get more information from BSE and SBB on the reason for SBB's suspension have so far proved futile.

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