JATU Public Limited Company (JATU Plc), a farmer’s based Saccos, has said it plans to raise 7.5bn/-working capital through selling shares to the public.
The firm, originated from a Savings and Credit Cooperative Organizations (Sacco), said after IPO it will list its shares on Dar es Salaam Stock Exchange (DSE). Jatu’s Director Mr Peter Itare said over the weekend the company has completed some of the processes, but are finalizing some technical processes.
“For now we are in the process of getting the consultants and creating a board of directors,” he said in Dar es Salaam during the annual meeting for JATU Saccos Limited.
The company currently has a capital of over 500m/- with over 15,000 members, and so far has issued 400m/- loan to farmers across the country.
Also, Mr Itare said that the company plans to start farming project and set up an industry that would help farmers to access markets.
The farming projects will also be used as a demonstration for small and medium farmers towards gaining knowledge, and skills of developing farming for industrialization process in the country.
The Jatu provides knowledge, skills and loans for medium farmers. The company headquarters is in Dar es Salaam and has branches in Mwanza, Dodoma, Arusha, Morogoro and Mtwara.
Officiating at the meeting, Temeke District Commissioner (DC), Felix Lyaniva, commended the management for its plan to list on DSE.
“I call upon the management to pick up right member of the board and as well as consultants,” he said.
DSE has two markets— main and alternative where the former has strictly listing rules of showing profit for consecutive three years, while the latter is for startup companies with lenient rules.