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Dar bourse plans for IPO, self listing

Wednesday July 01 2015
dse

The Dar es Salaam Securities Exchange. It will become the second stock market in the region to announce an IPO as well as self list after the Nairobi Securities Exchange did so last year. PHOTO | FILE

The Dar es Salaam Securities Exchange (DSE) has advertised for consultancy services in its first steps towards an Initial Public Offering (IPO) and self listing.

In a notice on its website, DSE chief executive Moremi Marwa said that it was looking for a lead transaction advisor, co-sponsoring stockbrokers, a legal advisor, reporting accountant, public relation firm and lead receiving and collecting bank to advise it on the IPO and self listing into the exchange.

“Interested firms must provide information indicating that they are qualified to perform the services by submitting the firm’s profile, description of similar assignments, experience in similar conditions and availability of appropriate skilled staff. Firms may associate to enhance their qualifications,” Mr Marwa said in a notice published in the local press.

DSE will become the second stock market in the region to announce an IPO as well as self list after the Nairobi Securities Exchange (NSE) did the same late last year.

The Dar bourse has changed its formation from a mutual company limited by guarantee to a public limited company limited by shares. It has also changed its name from Dar es Salaam Stock Exchange Limited to Dar es Salaam Stock Exchange Public Limited Company to enable the listing.

“The objective of these changes is to enhance DSE’s operational, financial and governance structures and capabilities. In line with the above, the DSE intends to offer its shares for subscription by the public through the Initial Public Offering (IPO) and self-list into the Exchange,” Mr Marwa said.

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DSE has 22 listed companies and has outperformed the other regional securities markets this year, posting a 7.76 per cent appreciation so far.

As at May 2015, total market capitalisation stood at $9.89 billion while its turnover rose to $125.4 million.

READ: East African bourses best performers in Africa

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