Dar approves Nation Media Group cross-listing

Trading at the Dar es Salaam Stock Exchange. Photo/FILE 

By SAMUEL KAMNDAYA

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.