3 May 2017

Tanzania: MaxMalipo IPO Plans in Advanced Stages

A leading electronic payment solutions provider, Maxcom Africa, bid to go public has reached an advanced stage and its public offer is expected in this year.

Maxcom, trading as MaxMalipo, filed its prospectus early March to Capital Markets and Securities Authority (CMSA). Yesterday, during the launch of the Maxcom Board of Directors, the new board chair Prof Samwel Wangwe said the IPO application has reached a good stage.

"The listing will make sure our company operates per stipulated country's laws and regulations," Prof Wangwe, an economist, said. The firm is operating in six African countries namely Tanzania, housing the firm headquarters, Rwanda, Kenya, Uganda, Zambia and Burundi.

The application to go for IPO is to conform with Electronic and Postal Communication Act of 2010 and the Finance Act 2016 which require communication operators to offload 25 per cent of their shares to public.

Capital Markets and Securities Authority (CMSA) Principal Public Relation Officer, Charles Shirima confirmed that Maxcom prospectus was at advanced stages.

"At the moment we are working on the prospectus. Other information are confidential until the document is approved," he said. Prof Wangwe, who replaced Eng Hashim Lema as board chair, did not want to reveal more information regarding neither the size of the IPO nor the price per share.

The IPO fund also expected to boost the firm expansion ambition in Africa. "We want by 2020 to provide not less than 100,000 employments in and outside the country," Prof Wangwe said "currently we have a workforce of some 16,000 people."

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