Mbeya City FC to float shares the Dar-es – Salaam Bourse for USD44mn

Zambian Business Times - - SPORTS -

Mbeya City Foot­ball Club Pub­lic Ltd plans to list its shares on the Dar es Salaam Stock Ex­change (DSE) early July this year, Zam­bia Busi­ness Times has es­tab­lished.

Com­pany’s chief ex­ec­u­tive of­fi­cer, Mr Em­manuel Kimbe, said the process to lists started since four years ago and the foot­ball club has made sig­nif­i­cant progress.

“Plans are to raise USD44mn ( TZS100­bil­lion) by float­ing stocks on the Dar -es – Salaam Stock Ex­change - DSE. We will in the very near fu­ture an­nounce the amount of shares that we will float through the bourse,” Mr Kimbe said.

The com­pany’s con­sul­tants were re­view­ing the prospec­tus be­fore Mbeya City Coun­cil, that is the cur­rently the owner by 100% de­cides the num­ber of shares to re­main with, and the re­main­ing will be floated at the DSE.

“Fi­nan­cial state­ments of Mbeya City Coun­cil have been promis­ing since 2011 when the club was es­tab­lished. In that re­gard, we have all what it takes to walk the talks on our list­ing plans,’” said Mr Kimbe.

The de­ci­sion by the com­pany to float shares at bourse comes a few months af­ter the Mbeya City Coun­cil owned- Mbeya City Foot­ball Club’s an­nounce­ment to change its sta­tus into an in­de­pen­dent com­pany.

The Com­pany was reg­is­tered on Jan­uary 26 this year by the Busi­ness Reg­is­tra­tions and Li­cens­ing Agency (Brela) un­der Com­pa­nies Act, 2002.

In that event, Mbeya City be­comes the first team in the his­tory of Tan­za­nia to en­ter in this mod­ern way of run­ning foot­ball teams in the world.

Its de­ci­sion was meant to open the doors for part­ner­ships so that the com­pany could raise cap­i­tal to spur huge in­vest­ments in the team by fi­nanc­ing var­i­ous de­vel­op­ment projects and other re­lated projects that could see growth of the com­pany and the na­tion at large.

Mbeya City Coun­cil Foot­ball Club of Tan­za­nia plans on float­ing shares on the Dar-es – Salaam Stock Ex­change for USD44mn (TZS100bn).

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