26 November 2012

Tanzania: TCCIA Investment Firm Gets New Board

SHAREHOLDERS of TCCIA Investment Company Limited have picked four new members of the Board during the 7th Annual General Meeting held at Msimbazi Centre in Dar es Salaam over the weekend.

The company's Chief Executive Officer, Mr Donald Kamori briefed journalists at the end of the meeting that the four new members will join the five others who were approved last year. According to Mr Kamori, the new members are Eng Aloys Mwamanga, Ms Kasa Mlonja, Ms Magdalene Mkocha and Mr Joseph Kahungwa.

The firm is the commercial arm of Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), The other five include Prof Lucian Msambichaka, Dr Gideon Kaunda, Mr Arphaxad Masambu, Mr Nathan Mnyawami and the Director General of the Local Authority Provident Fund (LAPF) who qualify as board members by virtue of their academic and professional experiences, he said.

He said the previous board had only seven members but the company has decided to increase to nine due to the success recorded so far and also to meet the requirements of the Capital Markets and Securities Authority (CMSA). "The new team will pick the board chairman", Mr Kamori said.

Eng Mwamanga was the chairman of the outgoing board. On the firm's performance, the CEO said that in six months between January and June, the company made a profit of 1.1bn/- while 1.49billion was generated between January and September.

"I expect that by next month, the profit will reach 1.6billion and the capital base to hit 8 billion mark," Mr Kamori stressed. He said the company was planning to release the interim dividend of 112m/- to shareholders. This is equivalent to 20/- per share. Mr Kamori said plans were also underway to list the company at the Dar es Salaam Stock Exchange (DSE) to enable the public own shares.

Earlier, the outgoing chairman, said the company was performing well after investing in profit making projects. "Since we are growing steadily, the company prepares to invest in real estate. We have plots in Dodoma," Mr Mwamanga explained.

Speaking at the same occasion, the firm's founding member and retired TCCIA director, Mr Jumbe Menye commended the new members, saying they were visionary and committed people. "I have trust in the new leadership. We have leaders with vast experience and hardworking," Mr Menye said.

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