A LEADING electronic payment solutions provider, Maxcom Africa, bid to go public has reached an advanced stage and its public offer is expected in this year.
Maxcom, trading as MaxMalipo, filed its
prospectus early March to Capital Markets and Securities Authority
(CMSA). Yesterday, during the launch of the Maxcom Board of Directors,
the new board chair Prof Samwel Wangwe said the IPO application has
reached a good stage.
“The listing will make sure our company
operates per stipulated country’s laws and regulations,” Prof Wangwe, an
economist, said. The firm is operating in six African countries namely
Tanzania, housing the firm headquarters, Rwanda, Kenya, Uganda, Zambia
and Burundi.
The application to go for IPO is to
conform with Electronic and Postal Communication Act of 2010 and the
Finance Act 2016 which require communication operators to offload 25 per
cent of their shares to public.
Capital Markets and Securities Authority
(CMSA) Principal Public Relation Officer, Charles Shirima confirmed
that Maxcom prospectus was at advanced stages.
“At the moment we are working on the
prospectus. Other information are confidential until the document is
approved,” he said. Prof Wangwe, who replaced Eng Hashim Lema as board
chair, did not want to reveal more information regarding neither the
size of the IPO nor the price per share.
The IPO fund also expected to boost the
firm expansion ambition in Africa. “We want by 2020 to provide not less
than 100,000 employments in and outside the country,” Prof Wangwe said
“currently we have a workforce of some 16,000 people.”
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