Trading at the Dar es Salaam Stock Exchange. Photo/FILE
Capital
Market authorities have approved a proposal by the Nation Media Group
(NMG) to cross list its shares on the Dar es Salaam Stock Exchange
(DSE), giving a chance for Tanzanians to own shares in East Africa’s
biggest media house.
The DSE chief executive officer,
Mr Gabriel Kitua, said in Tanzania’s capital on Monday that authorities
approved the proposal recently, paving way for the company to plan the
cross-listing date.
“The proposal has been approved by
the authorities…..what remains is for the company to decide when to go
live at the DSE,” Mr Kitua told senior journalists at a seminar,
organized by the stock market, to acquaint members of the press with
stock exchange operations.
Cross-listing is the introduction of a company’s shares on another stock exchange.
A
cross listing company does not seek to raise any new capital and in
this case therefore, NMG is only providing an opportunity to the
company’s existing and potential investors to trade their shares on the
DSE.
The DSE cross-listing makes NMG go live in all stock markets in member states of the East African Community (EAC).
In
October, the company cross-listed its shares on the Uganda Securities
Exchange (USE) before cross-listing at the Rwanda OTC [Over The Counter]
market last month.
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