Tanzania’s National Assembly has passed the Finance Bill, 2016, requiring electronic communication companies registered in the country to float their stakes on the Dar es Salaam Stock Exchange (DSE), within six months from July 1, this year.The decision had to be reached by voice vote, with the majority voting in favour of the government’s amendment.
According to the Finance and Planning Minister, Dr Phillip Mpango, the move will enable Tanzanians own shares in listed communication companies. He noted that the mobile phone companies were required within three years from the commencement of the Act, to offer shares to the public and subsequently list with the stock exchange, something that the firms didn’t comply.
“The amendment now makes it mandatory for these companies to list with the stoke exchange. This is very important as it would help the government trace the exact revenue generated by these companies,” Dr Mpango said.
