Tanzania: Nicol Applies for DSE Relisting

NATIONAL Investment Company (NICOL) Investment has finally submitted a re-listing application to Dar es Salaam Stock Exchange. The mutual fund submitted the re-listing application this week and is under the bourse committee for evaluation.

DSE's Senior Marketing Officer Mary Kinabo told 'Daily News' yesterday that the committee for evaluation expected to peruse the proposal before coming out with an accepting or rejecting response. "The application is under evaluation process.

"The date of relisting will be determined on the outcome of the evaluation process," Ms Kinabo said. NICOL was delisted in mid-2011 after failing to comply with listing regulation including disclosing of their financial statements and reporting the progress of its subsidiary companies.

However, after years of management wrangles, the private equity firm settled and declared a first dividend of 25/- per share after ten years after inception last month. NICOL Chairman Gideon Kaunda told the third annual general meeting here in the first week of last December that they hadn't paid any dividend in a decade to shareholders.

"... .But this is the right time to do so as the company is doing well," Mr Kaunda said. The dividend was declared after NICOL posted a profit after tax of 8.67bn/- in 2016. The firm assets increased from 23.4bn/- in 2010 to 94bn/- while investment income from 1.0bn/- to 3.7bn/-.

In 2008, NICOL listed all its 1.6 billion shares on the bourse. NICOL also holds 6.6 per cent of NMB Bank and a stake in a local microfinance institution. NICOL, also, has stake in two active subsidiaries namely Tanzania Fisheries Development Company (TFDC) and Tanzania Meat Company Limited (TMCL). TFDC is 100 per cent owned and is involved in processing Nile perch for export to the European Union and other markets.

TMCL is a meat processing company for beef and other related products. NICOL is in a joint venture with government owned National Ranching Company controlling a 51 per cent stake in the undertaking. By the time NICOL delisting its share traded at 270/- well below 400/- on its first trading day.

See What Everyone is Watching

More From: Daily News

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.