VODACOM OPENS FIRST DAY OF TRADING AT SH900 PER SHARE "Credit News 24"
Dar es Salaam. Vodacom Tanzania shares traded at Sh900 each at the opening of the trading session Tuesday as the company was listed at the DSE after five months of an Initial Public Offering (IPO). The share price which remained constant past midday was an increase of Sh50 from the IPO’s share price of Sh850.
The trading session was opened at 10:30 am by minister for Finance and Planning Dr Philip Mpango.
Vodacom becomes the first telecom company in the country to be listed at the Dar es Salaam Stock Exchange (DSE) with others expected to follow to fulfill legal requirements.
A total of 2.2 billion Vodacom shares have been listed, according to the capital markets and securities authority (CMSA) board of directors chairman Dr John Mduma.
DSE chief executive officer Moremi Marwa said he was optimistic that the listing of Vodacom would, significantly, increase the DSE's market depth, its velocity as well as the liquidity.
"We expect our market capitalisation to increase by almost Sh1.9 trillion to reach about Sh20 trillion," noted Mr Marwa.
He added that equity based listed companies will also increase to 26 companies while the customer base will add about 40,000 investors and commensurate increase in trading volume and liquidity following the listing.
Dr Mpango called upon on other telcos to list at the DSE.
“The government will not hesitate to take to task telecom companies which don't comply with the Electronic and Postal Communications Act (Epoca) of 2010 which requires all telecommunication firms to offload 25 per cent of their shares to the public and subsequently list at the DSE," noted Dr Mpango.
The Citizen
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