TCCIA doubles its capital

TCCIA Investment Company Limited has announced the rise of its capital from 8.39bn/- on December 31, 2012 to 17.807bn/- on November 12, 2013.

The achievement was announced by the company’s Board Chairman, Eng. Aloys Mwamanga at the 8th Annual General Meeting (AGM) in Dar es Salaam over the weekend. According to Eng. Mwamanga, this year’s achievement is a considerable one compared to what was achieved last year.

“Our capital has significantly grown this year...we need to congratulate ourselves for the job well done,” he told journalists. 

 He said that a healthy working relationship between a strong board, investment committee and management has greatly contributed to the achievement.

He said other factors inclouded decisions to invest in profit making companies operating in the country. He listed the firms as NMB, CRDB, DCB, TBL, TCC, Twiga Cement, Simba Cement, Swissport and Mwanza Community Bank.

On his part, the company’s Chief Executive Officer, Mr Donald Kamori, hailed good relations that exist between the management and the board. He said come 2014, the company plans to invest more and strengthen the capital.

He said the company was evaluating on the planned investment expansion in some new areas such as real estate and starting a SACCOSS as a way of complimenting the government’s efforts to expand financial services to the citizens. 

He mentioned other areas in the pipeline as listing on the Dar es Salaam Stock Exchange (DSE) and buying government’s treasury bonds.

“We are struggling to have a wider base of investment and not depending on a single source,” he said. The AGM that was presided by a seminar on stock exchanges that was attended by shareholders coming from different regions of Tanzania. 

TCCIAC was established by the Tanzania Chamber of Commerce Industries and Agriculture (TCCIA) in 1999.
Source: Daily News, reported from Dar es Salaam, Tanzania

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