Three more firms for listing on DSE

Mr Kitua

Three more companies are expected to list on the Dar es Salaam Stock Exchange (DSE) this fiscal year, bringing to 20 the total number of listed firms trading on the tiny bourse.

DSE Chief Executive Officer Gabriel Kitua believes that the new listings will further stimulate trading at the market. 

“Obviously, the increased number of listed companies will make the bourse more active and one of the fastest growing market in the region despite being small,” he said in an interview with the 'Daily News' in Dar es Salaam.

DSE has already received prospectus of the London-listed Richland Resources, the parent company of TanzaniteOne that seeks to offload a 20 per cent stake during a cross-listing on DSE. 

Mr Kitua said the bourse forecasts strong interest from investors on Richland's shares.

“There is a growing demand for new Initial Public Offers in the country…if investors are satisfied with profitability of the company, oversubscription on IPO is obvious,” he said. 

Mr Kitua ,however, declined to mention the other two firms including a gas company and a bank because they were yet to present their prospectus, “It is unethical to mention them before they present their prospectus,”he said.

The gas company is expected to issue new shares despite being listed in the London based Stock Exchange to mobilise funds for the exploration of gas in Southern Tanzania. 

The total market capitalisation has rose to 12.80trn/-, with domestic market capitalisation reaching 2.56trn/- as at the end of last week. Currently, there are 11 listed domestic companies and six cross listed firms.

Source: The Daily News,http://dailynews.co.tz, reported by Sebastian Mrindonko

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