Speaking shortly after the firm listed at the stock market in Dar es Salaam over the weekend, the Deputy Permanent Secretary in the Ministry of Finance and Planning, Amina Shabani said the listing itself could play a significant role towards socio-economic growth.
“The decision made was of paramount significance since listing at the DSE will increase the value of the company. Shareholders’ confidence will grow and more Tanzanians will be allowed to own the country’s economy,” Shabani said.
She also congratulated the firm’s decision, saying it was the right decision for the company to grow and contribute a lot in the economy of the country for the betterment of all shareholders and Tanzanians as a whole.
“The government recognizes the role of private as an engine of growth,” Shabani said, stressing the importance of collective investment management scheme for enabling people with low to buy shares and own the economy.
She said TCCIA Investment Plc has recorded a great achievement from a working capital of 1,97bn/- when it was established in 2005 to 30bn/- without any funding support from either locally or abroad.
“I appeal to you (DSE and TCCIA Investment Plc) to conduct training on importance of investing in shares to Tanzanians,” she said, adding that sales on shares dropped by 0.04 per cent in 2014 and 0.01 in 2017.
She said the stock market helped the economic growth while many are conversant on how shares being bought and sold.
Earlier, TCCIA chief executive officer (CEO), Donald Kamori said the listing at the stock exchange gives the firm a splendid to be promoted locally and internationally something that could stimulate increase of capital base.
“I am happy to tell you that listing of company at the stock exchange meant a lot for the public,” the joyful Kamori said, adding that the company has opened the new chapter its growth and development.
He said through DSE, everything will be done transparently where many Tanzanians will have the opportunity to buy shares.
According to Kamori, the firm has 2,377 shareholders countrywide including low in-come workers and farmers.
Nicodemus Mkama, acting CEO of the Capital Markets and Securities Authority (CMSA) said that about 73,077,253 shares of TCCIA’s investment companies have been registered so far.
He said TCCIA has 27 companies, which have listed at the Dar es Salaam Stock Exchange (DSE).
For his side, the DSE chief executive officer, Moremi Marwa said there were many advantages for being listed at the stock exchange including that of five per cent tax reduction and the company to be run profitably.
“You are globally advertised for listing at the stock exchange. You are also part of 27 local and foreign companies selling their shares,” Marwa said, noting that the capital of the company will grow.
The firm bought shares in eight companies whose shares listed at the Dar es Salaam Stock Exchange (DSE). The companies include NMB, CRDB Bank, Dar es Salaam Commercial Bank (DCB), TWIGA Cement, SIMBA Cement, Tanzania Breweries Limited (TBL), Swiss Port, and Tanzania Cigarette Company (TCC).
The TCCIA Investment PLC was established in 2005. It is faring very well and also among a few companies contributing significantly in the fight against poverty and create wealth among its members.