STATEMENT BY THE CEO OF THE DAR ES SALAAM STOCK EXCHANGE MR. MOREMI MARWA ON THE LISTING OF MKOMBOZI BANK (TANZANIA) LIMITED AT THE DAR ES SALAAM STOCK EXCHANGE ON 29th DECEMBER 2014
Guest of Honour, Mr. Gaudence Temu
Chairman, Mkombozi Commercial Bank PLC; Mr. Masha Kashomba
Directors, Mkombozi Commercial Bank PLC;
Acting CEO, Mkombozi Commercial Bank; Mr. Bartazar Mbilinyi
CEO, Capital Markets and Securitues Authority Mrs. Nasama Massinda
Members of the media,
Distinguished invited Guests,
Ladies and Gentlemen, good morning:
On behalf of the Dar es Salaam Stock Exchange and on my own behalf, I take this opportunity to thank you all for joining us as we officially welcome Mkombozi Commercial Bank PLC on its listing at the Dar es Salaam Stock Exchange (DSE).
Let me also extend a very special welcome and thanks to you Guest of Honor, for accepting the invitation and joining us at this important occasion which marks another milestone in the existence of DSE.
Guest of Honour and Invited Guests, in October of last year, the DSE introduced the Enterprise Growth Market (EGM) segment, a junior market (or a second tier market) whose main objective is to enable Small and Medium Sized enterprizes to access the capital market for their long term growth capital raising and listing into the Exchange. In November last year, the first company, Maendeleo Commercial Bank was listed in the EGM. Since then, we have witnessed an increased interest from entrepreneurs, business owners and potential investors on DSE's EGM. Swala Oil & Gas became the second company to list on the EGM in August this year, listing of Mkombozi Commercial Bank today makes companies listed in the EGM into three within a period of one year.
As we know, listing into the Exchange results into among others: increased efficiencies via better allocation of resources; efficient process of capital raising; improves company's good corporate governance, increases transparency and accountability, results into more productive utilization of savings within the economy; results into development of the private sector and growth of companies; its enables expansion of investor base into the company for liquidity purposes and future capital raising and it also enlarges the pace and diversity of resources flow within the economy.
As for a specific company, listing into the Exchange results into more publicity, increased opportunities for future capital raising, in being more efficiency, increased transparency, attracting good talent, benefiting from tax incentives, and becoming more socially and economically responsible to the community. Mkombozi has therefore made the right choice to join the family of companies so it can benefit from being listed.
We at DSE, at the capital markets at large, are generally proud of our history and performance of listed companies. The 20 listed companies have a total market capitalization of TZS 21.8 trillion, 13 of which are domestic listed companies whose market capitalization is TZS. 9.6 trillion. Listing of MKOMBOZI today will increase our market capitalization by TZS 20.6 billion and the number of listings to 21 in total, 14 domestic and 7 cross listed -- all these companies are fairly responsible to their shareholders. We believe that rules and regulations, oversight and procedures whose ultimate goal of protecting both investors and issuers have served the DSE, the capital market and the Tanzanian economy well.
Guest of Honour & Invited Guests, with those few remarks, may I take this opportunity again to thank you and all of the invited guests for celebrating this achievement with us.
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