TCCIA Investment Company is expecting to list its share on Dar es Salaam Stock Exchange (DSE) in the next three months after shareholders endorsed the move.
TCCIA Investment Chairman Eng Aloyce
Mwamanga told the ‘Daily News’ that the entire process was going on well
and the listing is expected to be done in September or October, this
year. “We now wait to meet with relative key persons who deal with
listing procedures, such as brokers and bankers, to complete the
process,” he said.
Eleven years ago, the company had
capital base of almost 2bn/- which increased to reach 33bn/- at the end
of 2014/15 financial year. TCCIA, operates a collective investment
scheme, so far has over 2,500 shareholders.
Its investment portfolio is largely
consisting of shares issued by listed firms on DSE. Mr Mwamanga said “we
hope the listing would be conducted in September and if there are some
delays then October (this year).
” The Capital Markets and Securities
Authority (CMSA), Public Relations Manager, Mr Charles Shirima, said
TCCIA are yet to log formal application but had made some enquiries.
“They are welcome to either list the same or additional shares depending
on their strategies,” Mr Shirima said.
In March 2005, TCCIA reissued 14,000,000
shares representing 35 per cent of its authorised share capital at a
price of 250/- per share. Prior to this re-issue, the firm, made a split
of its par value from 1,000/- to 250/- per share.
Meanwhile, TCCIA Investment has recorded
a slightly net profit slowdown by 28 per cent to 394.92m/- at the end
of last year. The Chairman attributed the profit slowdown to plummeting
of share prices at the bourse which affected earnings.
“We have mostly invested into listed
companies and share prices are sliding to affect our earnings,” Eng
Mwamanga said. Most mutual funds are regarding share price gain or loss
as an income or loss which is reflected in their financial reports.
The profit slumping has affected the
earnings per share that went down to 69/44 at the end of last year from
96/52 of 2014, dividends also declined to 34/72 from 48/26 while
dividend yield dropped to 13.89 per cent from 19.3 per cent. TCCIA is a
private sector association established in 1988.
The establishment geared to move from a
centralised, planned economy towards a more open, mixed economy giving
full scope to privately owned enterprises and farms
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