Tanzania: TCCIA Elects New Board Members

TCCIA Investment Company Plc has conducted its 13rd annual general meeting (AGM) in Dar es Salaam at the weekend and elected four new members of the board of directors.

The meeting had several items on the agenda, including the review of the last year's AGM deliberations, minimising the number of board members to cut down the company's operational costs and electing new board members.

Speaking after the meeting, the firm's Chief Executive Officer Donald Kamori said new members from LAPF, who hold 38.52 per cent of the company shares, had also been included in the board.

"The meeting and election went smoothly as planned," Mr Kamori explained, noting that TCCIA Investment Company was on the right track.

He commended shareholders for attendance and for staying calm from the beginning to the end of the AGM, saying he was optimistic about the growth and development of the firm.

Mr Kamori also took an opportunity to congratulate the newly elected members of the board of directors and appealed to them to work hard and build on what their predecessors had done for the betterment of the company. "I congratulate all those who have been elected to office.

The task ahead of them is to carry on the work done by their predecessors, to meet members' expectations and support the government's vision 2025 of industrial and middle-income economy," Mr Kamori said.

The members elected were Mr Nathan Mnyawami (from Elite Group), Prof Lucian Msambichaka, Mr Joseph Kahungwa and Ms Magdalene Mkocha elected by small shareholders and two posts were for LAPF, who are the majority shareholders (38.52 per cent) and one post for TCCIA president.

For his part, a new member, Mr Mnyawami, thanked members for trusting him, saying he would work hard to ensure TCCIA Investment Company Plc expanded its capital and increase efficiency.

"Members vote shows confidence they have in me, I was there when the company had a capital of 1.97bn/-, in collaboration with other members we managed to grow significantly and now the capital stands at 30bn/-," he said.

Earlier, the outgoing chairman who was re-elected as a new member of the board, Prof Lucian Msambichaka, said this was another chance for him to use his experience to push the company forward.

"I am pleased to be re-elected. This shows that members trust me. I will ensure the company grows and delivers," he said.

The firm has shares in some of the companies listed on the Dar es Salaam Stock Exchange (DSE), including NMB, CRDB Bank, Dar es Salaam Commercial Bank (DCB), TWIGA Cement, SIMBA Cement, Tanzania Breweries Limited (TBL), Swiss Port, and Tanzania Cigarette Company (TCC).

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