TCCIA Investment PLC lists on Dar es Salaam Stock Exchange
TCCIA Investment PLC (DSE:TICL), a collective investment vehicle of the Tanzania Chamber of Commerce, Industries and Agriculture (TCCIA) members, launched public sale of its shares on the Dar es Salaam Stock Exchange (DSE), yesterday.
TCCIA Investment PLC which will be trading under TICL symbol listed 73,077,253 shares at 400/- per share at the DSE’s Main Investment Market segment, to become the 27th listed member of the bourse.
It has added 29bn/- to the DSE market capitalisation of 23trl/-. The listing of the share is a result of combined Initial Public Offers (IPOs) of 2005 and 2017. The Deputy Permanent Secretary (DPS) in the Ministry of Finance and Planning, Ms Amina Shaban, rang a bell at 10:30am to signal the launch of public trading of TICL shares at the Dar es Salaam bourse.
She said that by listing on the DSE, the TCCIA Investment PLC would benefit from market regulations which will boost efficiency and enhance transparency and good governance. “The listing will enhance transparency and good governance which will enable investors to make informed decisions in either buying shares of the company or selling them,” she said.
The DPS commended the TCCIA Investment PLC management and members for listing with the DSE and said the listing was partly implementation of government agenda to have more companies list on the stock market.
The Acting Chief Executive Officer of Capital Market and Securities Authority, Nicodemus Nkama, said the listing of TCCIA Investment on the DSE was in implementation of government agenda of promoting listing of companies at the stock market. He said the listing would boost efficiency as it will subject it to DSE regulations which promote transparency and good governance.
TCCIA Investment PLC Chairman of the Board ofDirectors, Aloyce Mwamanga, said they were delighted to have eventually listed on the DSE, which will help them to boost their capital through public trading of their shares. He said they were pleased with the prospects of benefiting from strict market regulations which enhances transparency and good governance. According to him, the company began operations in October 2005 with a capital of 1.97bn/- which had increased to 30.2bn/- by December 2017.
“That meteoric rise of the capital from 1.97bn in 2005 to 30bn/- last year is something we are proud of, considering we reached here on our own without seeking a loan or aid from outside sources,” he said.
The TCCIA Investment PLC Chief Executive Officer, Donald Kamori, said they focused on expanding and diversifying investment and were currently planning to invest in warehousing facilities and agro-processing industries. TCCIA is a collective investment vehicle of TCCIA members where it pools members’ funds and buy shares in public business enterprises that were privatised.
The company started off small with relatively low capital and got its first major break, when the government shortlisted the it to participate in the privatisation of the National Microfinance Bank (NMB). The company has since diversified its assets and is operating as a closed-ended investment company which currently exclusively trades on the DSE.
Credits: Article written & published by www.african-markets.com