DSE AWAITS NICOL APPLICATION "Credit News 24"
DSE delisted NICOL from the exchange mid 2011 after the mutual fund failed to comply with listing conditions, including failure to produce financial statements. DSE Chief Executive Officer, Mr Moremi Marwa, said the bourse was waiting for the application from NICOL to start relisting process.
“DSE has yet to receive NICOL application letter. The date of when to be readmitted to the bourse depends on their application letter submission,” Mr Marwa told the ‘Daily News’ yesterday.
According to the procedure, a firm once delisted for the exchange supposed to reapply to the bourse after meeting some conditions. DSE said they met formally with NICOL couple of months ago and discussed way forward and asked to produce latest financial statement.
NICOL claimed on their website that they were supposed to be relisted in August, this year, but failed to produce last year’s financial statement on time. “We are yet to be relisted in August as we failed to present our 2016 financial statements to CMSA…,” NICOL said.
On Tuesday the firm published their financials showing a net profit increase of six times against the preceding year. The mutual fund posted a profit of 8.67bn/- last year up considerably from 15m/- of 2015.
The profit rejuvenated hopes of the management to turn around the company and buried down for two factions disagreement on running the fund. The troubled private equity firm, which listed all of its 1.6 billion shares on the bourse in 2008, has 98.49bn/- in stocks.
It holds 6.6 per cent or over 33 million shares of NMB Bank, 1.0 milion shares of Vodacom Tanzania and 1.28 millin shares of DSE company to name a few. NICOL also has stake in two active subsidiaries namely Tanzania Fisheries Development Company (TFDC) and Tanzania Meat Company Limited (TMCL).
TFDC is 100 per cent owned and is involved in processing Nile perch for export to the European Union and other markets.
TMCL is a meat processing company for beef and other related products. NICOL is in a joint venture with government owned National Ranching Company, with NICOL having a 51 per cent stake in the venture.
Daily News
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