IPP plans to list two of its companies at the Dar es Salaam Stock Exchange (DSE and allow employees to buy shares, making them part owners of the companies, its Executive Chairman, Dr Reginald Mengi has disclosed.
Addressing the Group’s employees at a special dinner he hosted in Dar es Salaam over the weekend, the Dr Mengi revealed that experts were working on the concept before the said companies are listed at the DSE.
He said all IPP employees (as individuals and group) would have opportunities to buy shares in the companies to be listed.
“To start with, we are expecting to list two of our companies at the Dar es Salaam Stock Exchange. We will reserve some shares for IPP members (employees)…the idea is to make all of us part and parcel of IPP,” he said.
Dr Mengi also clarified on some complaints by IPP employees that he had been assisting people with special needs such as people with disability, children and women, while forgetting his staff, explaining that people who received his assistance were leading difficult lives compared to employees.
He said his decision to help those in need did not benefit him personally, but “rather such assistance was being given by all the Group’s employees…in one way or another, all of us have been helping those in need.”
Meanwhile, Dr Mengi touching on IPP’s involvement in the mining sector in the country by establishing an exploration and prospect mining firm, said he joined the sector because most of Tanzanians were not aware of operations of sector.
“I decided to set up a strong mining firm for exploration of gold, uranium and coal in Tanzania because of the little understanding (on the part of many Tanzanians) on how to operate and carry out mining activities in the country…to the extent that we are leaving the mining sector development to foreign investors.”
“People thought mining activity is a risky undertaking. For years, Tanzanians imagined that mining and other related activities begins with mining but I can now tell you that it begins with exploration,” the chairman stressed.
In another development, Dr Mengi adjusted the Group’s employees’ minimum wage to 450,000/-, saying he did so because of increased cost of living most of Tanzanians faced.
According to Dr Mengi, adjustment of salaries will give relief to all employees to work who have to cope with high prices of goods and commodities at the local market.
For her part ITV/ Radio One Managing Director Joyce Mhavile applauded the IPP executive chairmen for hosting the dinner party and winning the recent international awards.
She also announced IPP chairman’s award of 500,000/- for the best worker of the month and 1m/- for the best employee of the year in each IPP company.