The Dar es Salaam Stock Exchange has a new member: Kenya’s Nation Media Group, which cross-listed 157 million shares for trading yesterday.
With the development, the publishing firm’s shares are now available in four of the five East African Community partner states – Tanzania, Kenya, Rwanda and Uganda. The fifth, Burundi, is yet to set up a capital market.
According to NMG chairman Wilfred Kiboro, the company was founded by His Highness The Aga Khan five decades ago and has been making profits and paying its shareholders dividends for 40 years now.
“The cross-listing exercise is therefore not meant to help us raise money since we are a debt-free company – having made profits during the past 40 years…. We only want to give a chance for Tanzanians to own part of this huge company,” he said, in remarks read on his behalf.
Ismailimail 