Zambian Business Times
Mbeya City FC to float shares the Dar-es – Salaam Bourse for USD44mn
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.