Dar bourse sets off plans to go public

The Dar es Salaam Stock Exchange (DSE) is expecting to present its shares to public, through primary offer and self-list on the bourse in a new drive to efficiently execute its mandates in line with its strategic objective.

The self-listing, to be paraded by offering the bourse’s share to the public, comes after DSE change from a mutual company limited by guarantee to company limited by shares.

The DSE Chief Executive Officer, Mr Moremi Marwa (pictured), said the whole process envisage to take six months from yesterday after the bourse called for expression of interest for IPO and selflisting consultancy.

“The listing may take place either at the end of last quarter of this year or the first quarter of next year,” Mr Marwa told the Daily News.

The IPO and listing have to be approved by the regulator— Capital Market and Securities Authority.The CEO said after getting the right consultancy firm for IPO at the end of this month, preparation of IPO documents and approval from CMSA and DSE may take one to two months.

On Wednesday, DSE call for expression of interest for provision of consultancy services for IPO and self listing.

The objective of these changes, according the advert, is to enhance DSE’s operational, financial and governance structures and capabilities so as it could efficiently execute its mandates in line with its strategic objective.

Among them to be the focal point for long-term capital raising by private enterprises and public sector within the economy via provision of efficiency infrastructure, systems and listing platform for multi-financial products.

The consultancy firms are suppose to provide services such as lead transaction advisor; co-sponsoring stockbrokers; legal advisor; reporting accountant; public relation firm; and lead receiving/collecting bank.

To institute the self-listing, DSE has recently changed its formation and name from a mutual company limited by guarantee to a public limited company limited by shares and from Dar es Salaam Stock Exchange Limited to Dar es Salaam Stock Exchange Public Limited Company.

DSE has 21 listed companies whose total market capitalisation is 24.5tri/- by Monday, it also has listed corporate and government bonds worth 4.0tri/-.
Source: Daily News, reported from Dar es Salaam, Tanzania
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