The Capital Markets and Securities Authority (CMSA) has approved three institutions
to raise funds from the public and some to be listed at Dar es Salaam bourse.
The
equity firms, Watumishi Housing Company Real Estate Investment, Collective
Investment Scheme, and Mufindi Community Bank (MuCoBa) raising capital through
primary offer, received an operational green light.
CMSA
Principal Public Relations Officer (pictured), Mr Charles Shirima said Watumishi and
Collective Investment Scheme will not list on Dar es Salaam Stock Exchange
(DSE) immediately.
"For
Mufindi Bank (MuCoBa), once all relevant logistics are worked out, it will
increase its capital via IPO and late listed on DSE's alternative market,"
Mr Shirima said.
Umande
is open-ended trust fund under Core Capital Securities which has three funds -
the Umande Capitalisation, the Umande Income and the Umande Balanced.
The
Umande funds provide access to the equities listed at the DSE as well as access
to government bills, bonds and money market, in Tanzania and outside. Umande
tax benefits include no capital gains tax on Units redeemed and reduced
withholding tax on dividends at 5.0 per cent.
Watumishi
is formed by six pension fund and National Housing Corporation (NHC) to operate
a scheme for construction and selling houses to the public.
"Washirika
will initially operate on a closed end basis but later on will be opened for
other investors in two to three years," Mr Shirima said.
The
scheme started with 68bn/- and is expected to grow gradually to 358bn/- in five
years.
The
funds are the National Social Security Fund (NSSF), PPF Pension Fund, Local
Authorities Pension Fund (LAPF), Government Employees Pension Fund (GEPF),
Public Service Pension Fund (PSPF) and National Health Insurance Fund (NHIF).
Source: Daily News, reported from Dar es Salaam, Tanzania
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