UTUMISHI Housing Investments (WHI), a house developer and a licensed fund manager, launches an open-ended Faida Fund Scheme and its initial public offer next month.
The collective investment scheme units’ primary sale will be on sale for two months beginning early next month until the end of December after receiving the required approval from Capital Markets and Securities Authority (CMSA).
The WHI, Chief Executive Officer, Dr Fred Nsemwa, told stakeholders that Faida seeks to create wealth, particularly middle and low-income earners through investments in units.
“The idea is for the investors to obtain competitive return through capital growth and enhance the culture of savings…,” Dr Nsemwa said on Wednesday during a stakeholders meeting.
The Faida units opening for subsequent sale will be early next January while at mid-month it will be an official launch. The opening of repurchase operations will be in next April.
WHI, formerly known as Watumishi Holding Company (WHC), also operates as a Fund Manager of the public servants’ housing scheme under Real Estate Investment Trust (REIT).
Currently, all REITs are owned by shareholders of WHC and hence they are not tradable on the Dar es Salaam Stock Exchange (DSE).
The shares were locked for three years and at the end of this lock-in period will be released and traded on DSE to enable the general public to invest in REITs by buying and selling them in the same.
The minimum amount to be invested during the initial sale is 10,000/- and subsequent additional investment 5,000/- thereafter.
WHI lowered the minimum investment to take on board small investors including bodaboda, students, workers, retirees, peasants, and the like.
WHI’s Director of Finance and Administration, Paskali Massawe, said the units will be purchased through mobile phones, applications and websites to simplify transactions for both rural and urban dwellers.
The units will be available at bank branches and stock brokers while CRDB Bank is a custodian financial institution
