DAR ES SALAAM:THE TCCIA Investment Ltd on Thursday launched an initial rights offering for selling over 72.9 million shares targeting to raise 10.58bn/- by December 1, this year.
The funds earned from the sale will enable the TCCIA Investment Company to beef up its investment in the capital markets.
This will include investment in corporate shares and bonds in the country and East African Community (EAC) as well as Southern African Development Cooperation (SADC).
“It will enable the company to realise its strategic goals of boosting value of shareholders’ investment,” said Chief Executive Officer of the Capital Market and Securities Authority (CMSA), Nicodemus Mkama during the launching event.
Mr Mkama said the capital markets drive economic growth by enabling availability of financial resources and strengthening good governance and bringing productivity to the company and institution.
He said the authority will continue building capacity by ensuring that an enabling and participatory environment is in place.
This is meant to enable institutions in the public and private sector to use capital markets for securing funds for implementation of development projects, green bonds, blue bonds, social bonds and subnational bonds.
He explained that on November 3, this year, the CMSA endorsed the TCCIA Investment Ltd to sell its 72,957,660 shares on initial rights offering to its shareholders at a price of 145 per each share.
The approval was issued after the CMSA was satisfied that the company met conditions under the Capitalisation and Right Issues),