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Tanzania: Four Firms Listing On Dar Es Salaam Stock Exchange
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The Citizen (Dar es Salaam)
3 May 2008
Posted to the web 5 May 2008
Damas Kanyabwoya
Four companies are expected to go public this year by listing with the ten years old Dar es Salaam Stock exchange.
The listing of the four companies will make a total of the companies already registered with DSE to ten.
Speaking at the occasion of the 10th anniversary of the DSE celebrated in Dar es Salaam yesterday the chairman of the governing council of DSE P.L Machude named the companies as NICOL, Dar es Salaam Community Bank, National Microfinance Bank and TanzaniteOne.
Mchunde told reporters after the celebration that the enlisting of four companies would be a significant step though it is behind our objectives and expectations.
When the DSE started operations it was envisaged that after 10 years more than 25 companies would be listed.
The estimates were based on eh expectations that the privatization exercise was going to bring many candidates for listing.
However, this has never been the case since only 6 companies have come to the DSE through a privatization exercise despite that fact that there are a good number of parastatals that have been privatized," he said.
He therefore urged the government to accelerate the floatation of unlisted profitable companies in which the government still owns shares.
Machunde did not specify on when the companies will get listed but speaking on NMB the minister for Finance and Economic Affairs Mustapha Mkullo who graced the occasion said NMB will soon start the Initial Public Offer (IPO) exercise.
What was awaited was a cabinet decision that will specify the date of NMB going public through selling the government's 51 per cent stake in the bank to the public.
A consortium led by Rabobank of the Netherlands owns 51 per cent of the remaining shares of the bank.
Machunde also pleaded with the government for additional and continued financial support so that the exchange can discharge its mandate effectively.
"The DSE is expanding and growing in order to meet expectations of the market.
But infrastructure to support the growth has not been adequately developed which include office accommodation, appropriate information and communication technology capacity, integration to the National Payment System and implementation of the Wide Area Network System," he said.
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During the celebration Mkulo unveiled the automated stock market trading.
He said DSE has enabled the government to raise Sh58.74 billion through the sale of its shares by way of IPO as well as through secondary market trades at the DSE.
With respect with corporate bonds nine bonds worth Sh102.6 billion have been listed and government itself listed eight bonds, he said.
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