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TANZANIA MORTGAGE REFINANCE COMPANY LIMITED BOND ISSUE

Information Memorandum

This Information Memorandum is issued in compliance with all applicable laws including the Companies Act, Cap 212 (Act No. 12 of 2002), Capital Markets and Securities Act, Cap 79 (Act No. 5 of 1994 (As Amended)) and the Dar es Salaam Stock Exchange Plc Rules, 2016

1 Caution Statement
This information Memorundum has been prepared in compliance with the capital market and securities (Guideline for the issuance of corporate bonds and commercial papers ), 1999 and the companies act, Cap 212 of the law if the United Republic of Tanzania (Act No. 12 of 2002).
A copy of this Information Memorandum has been delivered to the Capital market and Securities authority (CMSA) for approval and to the Registrar of Companies (BRELA) for registration. Approval of this Information Memorandum by the CMSA is not taken as an indication of the merits of the TMRC or its application. The securities offered in this Information Memorandum have not been approved or disapproved by the CMSA.
Prospective investors should carefully consider the matters set forth under the caption “Risk Factors” under part 17 of this information Memorundum. If you are in doubt about the content of this Information Memorundum, you should consult your investment advisor, stock broker, lawyer, banker or any other financial consultant. The Directors of the Issuer, whose names appear on Section 6.2 (Board of Directors) of this Information Memorandum, accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with facts and does not omit anything likely to affect the importance of such information.
This Information Memorandum has been drawn up in compliance with the requirements of the Tanzanian statutes and regulations and in accordance with the regulations and requirements of the CMSA and the DSE.
The distribution of this Information Memorandum and the offering or sale of the Medium Term Notes shall be in the United Republic of Tanzania. Persons into whose possession this Information Memorandum comes are required by the Issuer, the Placing Agent and the Lead Arranger to inform themselves about and to observe any such restrictions. For a description of certain restrictions on offers and sales of the Medium Term Notes and on the distribution of this Information Memorandum, refer to Section 19 (Subscription and Sale) of this Information Memorandum.
This Information Memorandum does not constitute an offer of, or an invitation by or on behalf of the Issuer or the Placing Agent to subscribe for, or purchase any Notes under the Medium Term Note Programme

2 Preface
Under this Medium Term Note Programme (Programme), the Issuer may from time to time issue debt securities (Notes). The Notes may rank as senior unsecured and subordinated obligations of the Issuer. The aggregate principal amount of Notes outstanding will not at any time exceed Tanzania Shillings One Hundred and Twenty Billion (TZS 120.0 Billion). The Issue will be in various tranches with the first tranche of Tanzania Shillings TwelveBillion (TZS 12.0 Billion) being issued starting in 2018 and the balance in various tranches (series) within a period of five years.Interest on the Notes of a particular series shall be calculated and payable in accordance with the Terms and Conditions of the Notes as supplemented by the Relevant Pricing Supplement.
The Notes, unless previously redeemed, will be redeemed in full in accordance with the provisions of the Relevant Pricing Supplement.
The Notes will be issued in registered form in denominations of TZS 1,000,000 and in integral multiples of TZS 1,000,000 in excess thereof, subject to a minimum subscription amount of TZS 1,000,000. The Senior Unsecured Notes and the Subordinated Notes shall rank as specified in the Summary of the Programme as well as under Terms and Conditions.
The register of Noteholders will be maintained by Azania Bank Ltd who are the Fiscal Agent, Registrar, Paying and Calculation Agent.
The sale or transfer of Notes by Noteholders will be subject to the rules of the Dar es Salaam Stock Exchange (DSE)and where applicable, the prevailing Central Depository Rules and the Terms and Conditions of the Notes. There are currently no other restrictions on the sale or transfer of Notes under Tanzania law. In particular, there are no restrictions on the sale or transfer of Notes by or to non-residents of Tanzania.
The Notes have not been and will not be registered under any other securities legislation in any other country other than Tanzania.
A copy of this Information Memorandum has been filed with the Registrar of Companies in Dar es Salaam, in accordance with the requirements of the Companies Act Cap 212 (R.E) of the Laws of Tanzania.
The Notes to be issued under the Programme shall be placed with investors and thereafter be available for secondary trading on the Dar es Salaam Stock Exchange PLC.
Applications for participation shall be processed through the Placing Agent, details of which are provided in this Information Memorandum in Section 19 (Subscription and Sale). The Notes may not be offered or sold, directly or indirectly and neither this document nor any other Information Memorandum, offering circular or any prospectus, form of application, advertisement, other offering material or other information relating to the Issuer or the Notes may be issued, distributed or published in any country or jurisdiction, except under circumstances that will result in compliance with all applicable laws, orders, rules and regulations of that country or jurisdiction.
3 Disclaimer and Statements
a) The Issuer, having made all reasonable enquiries, confirms that this Information Memorandum contains all information with respect to itself and to the Notes to be issued by it which is material in the context of the programme. The Issuer further confirms that the information contained in this Information Memorandum is true and accurate in all material respects and is not misleading, that the intentions and opinions expressed in this Information Memorandum are held, and that there are no other facts the
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omission of which would make any such information or the expression of any such opinions or intentions misleading in any material respect.
b) The Issuer has given an undertaking to the mandated Lead Arrangers that if at any time during the duration of the programme there is a significant new factor, material mistake or inaccuracy relating to information contained in this Information Memorandum which is capable of affecting the assessment of theNotesand whose inclusion in or removal from this Information Memorandum is necessary for the purpose of allowing an investor to make an informed assessment of the assets and liabilities, financial position, profits and losses and prospects of the Issuer, and the rights attaching to the Notes, the Issuer shall prepare an amendment or supplement to this Information Memorandum or publish a replacement Information Memorandum and shall file such amendment, supplement or replacement Information Memorandum with the Dar es Salaam Stock Exchange PLC and shall supply to the Placing Agent, the Trustee and the Dar es Salaam Stock Exchange PLC such number of copies of such supplement hereto as such Placing Agent, the Trustee and the Dar es Salaam Stock Exchange PLC may reasonably request.
c) Neither this Information Memorandum nor any other information supplied in connection with the programme is intended to provide the complete basis of any credit or other evaluation, nor should it be considered as a recommendation by the mandated Lead Arrangers and Sponsoring Broker that any recipient of this Information Memorandum or any other information supplied in connection with the Programme should purchase any Notes. Each investor contemplating purchasing any Notes should make their own independent investigation of the financial condition and affairs, and their own appraisal of the creditworthiness of the Issuer. Neither this Information Memorandum nor any other information supplied in connection with the Programme constitutes an offer or invitation to any person by or on behalf of the Lead Arranger and Sponsoring Broker to subscribe for or to purchase any Notes.
d) The Bank of Tanzania (BOT) has given a letter of no objection for the establishment of the Programme by the Issuer. As a matter of policy, the BOT does not assume responsibility for the accuracy of any statements, opinions, reports or recommendations made in this Information Memorandum. Receipt of a no objection from the BOTof the Programme should not be taken as an indication of the merit of the Issuer or of the Notes.
e) Application has been made to the Capital Markets and Securities Authority (CMSA) for approval of this Information Memorandum and listing of the securities on the Dar es Salaam Stock Exchange PLC and the CMSA has granted the approval. As a matter of policy, the CMSA does not assume responsibility for the accuracy of any of the statements made or opinions or reports expressed or referred to in this Information Memorandum. Approval by the CMSA of the programme and or listing should not be taken as an indication of the merit of the Issuer or of the Notes.
f) The Dar es Salaam Stock Exchange PLC has no objection to the Issuer listing the Notes on the DSE. The DSE assumes no responsibility for the accuracy of the statements made or opinions or reports expressed or referred to in this Information Memorandum. Admission by the Dar es Salaam Stock Exchange PLC of the Notes should therefore not be taken as an indication of the merits of the Issuer or of the Notes.
g) The Sponsoring Broker has relied on information provided by the Issuer and accordingly, does not provide assurance for the accuracy or completeness of the information contained in this Information Memorandum and therefore does not accept any liability or responsibility in relation to information contained in the Information Memorandum.
h) The delivery of this Information Memorandum does not, at any time, imply that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof, or that any other information supplied in connection with the programme is correct as of any time subsequent to the date indicated in the document containing the same.
i) No person has been authorised to give any information or make any representation other than those contained in this Information Memorandum and, if given or made, such information or representation should not be relied upon as having been authorised by or on behalf of the Issuer.
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j) The distribution of this Information Memorandum and the offer or sale of the Notes may be restricted by law in certain jurisdictions. Persons who are in possession of this Information Memorandum are cautioned to inform themselves and observe any such restriction.
4 Documents Incorporated by Reference
This Information Memorandum should be read and construed in conjunction with:
a) All supplements to this Information Memorandum circulated by the Issuer from time to time in accordance with the undertakings given by the Issuer in the Trust Deed and as further described in the second paragraph in the section headed Disclaimers and Statements.
b) Each Pricing Supplement relating to a Series or Tranche of Notes issued under this Information Memorandum.
c) The audited annual financial statements (and notes thereto) and any un audited interim financial statements published subsequent to such annual financial statements of the Issuer for the three financial years prior to each issue of Notes under this Issue.
Legal Advisor's Opinion
Abenry & Company, Advocates., the Legal Advisors to the Issuer, have given and not withdrawn their written consent to the inclusion in this Information Memorandum of their legal opinion and the references to their names, in the form and context in which they appear and have authorized the contents of their letter set out inthis Information Memorandum.
Reporting Accountants' Report
This Information Memorandum contains a statement from PricehouseWaterCoopers (PWC) the Reporting Accountants, which constitutes a statement made by an expert in terms of the Companies Act and have not withdrawn their consent to the issue of the said statement in the form and context in which it is included in this Information Memorandum.
The financial statements provided in the Accountants Report are the information that has been audited in this Information Memorandum.
5 Selling Restrictions
a) General: The Placing Agent will comply with all applicable laws and regulations governing public issuance of securities in Tanzania.
b) The approval of the CMSA has been obtained for the issue and offering of the Notes in Tanzania. The sale or transfer of listed Notesby Noteholders will be subject to the rules of the DSE, BOT, the Conditions and the provisions of the Agency Agreement. There are no other restrictions on the sale or transfer of Notes under Tanzanian law. In particular, there are no restrictions on the sale or transfer of Notes by or to non-residents.

8.4 Frequently asked questions
What are Medium Term Note Programmes?
Medium Term Note (MTN) Programmes enable companies to offer debt securities on a regular and/or continuous basis. As compared to other forms of debt securities, MTN’s tend to have their own type of settlement procedures and marketing methods, which are similar in some respects to those of commercial paper. Although MTN’s typically have maturities of between two to five years, they are not required to have medium terms. In fact, it is common for companies to issue both short term and long term securities under an MTN Programme.
Who develops MTN Programmes?
The MTN programmes are developed by investment banks or such other agency licensed by the CMSA.
Why would a company have a MTNProgramme
Like a shelf registration statement, an MTN Programme enables a company to sell a wide range of debt securities without having to complete the CMSA’s registration or review process for each issuance it might want to undertake. In addition, an MTN Programme uses a master set of disclosure documents, agreements with selling agents or dealers, and issuing and paying agency agreements to help minimize the new documentation that is needed for each offering.
What types of issuers establish MTN Programmes
MTN programmes typically are used by large companies that have an ongoing need for capital. Several financial institutions and industrial companies have an MTN Programme.
What types of securities normally are sold through MTNProgrammes
Historically, the most common type of security issued under an MTN Programme is a fixed rate, non-redeemable debt security. However, MTN Programmes typically include other types of debt securities, including floating rate, zero coupon, amortizing, multi-currency, subordinated or indexed securities. A common reference rate for floating rate securities issued under MTN Programmes is the Treasury Bill Rates.
What types of offerings are completed using MTN Programmes?
In light of the convenience offered by shelf registration and MTN Programmes, issuers use MTN Programmes: to effect small and medium sized offerings of debt securities to investors that seek specific terms (known as reverse inquiry trades); to effect large syndicated offerings of debt securities that might, in the absence of an MTN Programme, be offered through a shelf takedown; to offer structured Notes, such as equity linked, currency linked, and commodity linked securities among others.
What offering documents are used in an MTN Programme?
The issuer’s registration statement for an MTN Programme typically consists of: a universal shelf registration statement for debt and other securities; or a shelf registration statement providing only for debt securities; or an Information Memorandum pertaining to the MTN Programme itself; Preliminary and Final Pricing Supplement, product supplement and press releases.
Are MTNs sold on a firm commitment basis or a best efforts basis?
This varies. The arranger’s obligation is to sell the MTN securities on a best efforts basis. In addition, large syndicated MTN offerings often are carried out on a firm commitment basis. In both cases, the MTN arranger is usually regarded as an underwriter.
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What is the role of the arranger of an MTN Programme?
The arranger of an MTN Programme serves a variety of roles, including: serving as principal selling agent for the MTN securities; advising the issuer as to potential financing opportunities in the MTN market; communicating to the issuer any offers from potential investors to buy MTNs; advising the issuer as to the form and content of the offering documents, including the types of securities to be included; helping the issuer draft the offering documents and related Programme agreements; coordinating settlement of the MTN securities with the issuer, the trustee, and the paying agent; and making a market in the issued and outstanding securities issued under the Programme should there exist such a need.
What types of interest payments are available?
MTNs are issued with a variety of interest payment schedules that range from traditional semi-annual payments to custom tailored frequencies such as semi-annually.
What is disclosed in a Pricing Supplement for a MTN offering?
For a simple debt security, very little information is required in the Pricing Supplement. The Pricing Supplement will include the final terms of the offering, such as: the title of the securities; the issue date; the maturity date; the interest rate; the redemption dates, if any; the underwriter or selling agent; and the selling agents’ compensation for the offering.
What are the tax implications of investing in MTN’s?
As with all fixed income securities, investors are responsible for declaring all interest payments received from an investment in MTN’s.
Can I obtain physical certificates for my MTN investment?
No. The MTN will be issued in a dematerialized formand as such there will be no physical Note Certificate.
9 Key Investment Considerations
TMRC wishes to raise TZS 120.0 Billion through a Medium Term Note Programme Issuance. TMRC has received approval from the relevant regulatory authorities for the Issue to proceed on terms set out in this Information Memorandum. The investment considerations in the following section do not constitute a guarantee neither are they indicative of future returns. Potential investors are advised to consult with their investment, legal and tax advisors to determine the suitability of an investment in the Medium Term Note Programme, and the appropriate amount, if any, of an investment of this nature.
9.1 Track record of growth
TMRC’s success over the years can be seen in the rapid growth of the company’sstatement of comprehensive income and statement of financial position.
The Company has recorded an impressive growth in interest income, net interest income and refinance and pre finance mortgages over the last five financial years, with each financial indicator growing at compounded annual growth rate of 47%, 19% and 40% respectively during the period 2012 to Decemberr, 2017.

9.2 Strong and robust Board and Management structures
The Board is committed to ensuring that the business is run in a professional, transparent, just and equitable manner so as to protect and enhance shareholder value whilst satisfying the interests of all other stakeholders. The principles and standards established by the Board have been developed with close reference to guidelines on corporate governance issued and best international practices. The Board members have a broad range of skills, expertise and experience and each brings independent judgment and valuable contribution to the business. The Directors’ abridged biographies appear in Section 15.3(Directors) of this Information Memorandum.
The roles and responsibilities of the Chairman of the Board and the Chief Executive Officer remain distinct and separate. The Chairman provides overall leadership to the Board without limiting the principles of collective responsibility for Board decisions. The Chief Executive Officer is responsible to the Board and takes responsibility for the effective and efficient running of the company on a day to day basis.
A significant factor in the Company’s ongoing success is the strength of the management team. Members of the management team bring together a vital combination of leadership skills and extensive experience from both local and international exposure.
9.3 Mortgage Sector Development in Tanzania
TMRC currently has 13 borrowing members (all of which are now offering mortgage loans), and has already extended loans worth TZS 81.10billion to ten (10) of its member banks and four (4) non member banks. As at 30 September 2017, refinancing and pre-financing mortgages advanced by TMRC to its member and non member banking institutions was equivalent to 17.40 percent of the total outstanding mortgage debt.
TMRC‘s contribution to the growth of the housing market is expected to significantly increase over the coming years as the new financing will build on the achievements of the ongoing Housing Finance Project (HFP) which is playing a key role in developing the mortgage market.
In the five years that TMRC has been operational, a significant impact has been noted in the mortgage market. The number of banks offering mortgage loans has grown from only 3 banks in 2010 to 31 banks on 30thSeptember, 2017, and mortgage repayment period increased from the maximum of 7 years that was previously offered to 15 - 25 years that banks offer now.
The Medium Term Note will serve as a secure source of long termfunding at an attractive rate for TMRC given that the mortgage growth rate in year on year from September 2016 to September2017 was 11%. The long term funds raised will assist in reducing any maturity mismatch risk for commercial banks and increase opportunities for the commercial banks to avail mortgage loansto their customers at affordable interest rates. This in turn will help to improve the affordability of mortgages by extending the range of qualifying borrowers which will resultin the expansion of the primary mortgage market and home ownership in Tanzania.
9.4 Liquidity
Each Tanzania Shillings denominated tranche of the Medium Term Notes will be listed and quoted on the DSE where there will be an established secondary market for the sale of each tranche of the Medium Term Notes.
9.5 Diversification of asset classes
The Medium Term Notes will give investors an opportunity to diversify their portfolio composition as well as overall risk reduction.
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10 Terms and Conditions of the Notes
The following are the terms and conditions of the Notes (the Conditions) which will be deemed to be endorsed upon each Note in the Medium Term Note Programme.
The Notes are issued subject to conditions between the Issuer and the Note Trustee.The holders of the Notes (Noteholders) are deemed to have notice of and are entitled to the benefit of all the provisions which are binding on them or on the Note Trustee on their behalf. Copies of the Note Documents are available for inspection at the Specified Offices of the Issuer.
The rules of interpretation specified therein shall have the same meanings or apply where used in the Conditions and the Relevant Pricing Supplement, unless the context otherwise requires or unless otherwise stated.
10.1 Form and Denomination
The obligations of the Issuer in respect of each Note constitute separate and independent obligations which each Noteholder is entitled to enforce subject to these Conditions and the Note Documents. The Notes are issued in Tanzania Shillings, are in registered form and are in denominations of TZS1,000,000 and integral multiples of TZS 1,000,000 in excess thereof, subject to a minimum subscription amount of TZS 1,000,000 as specified in each Relevant Pricing Supplement. The Notes will be issued as Dematerialized Securities in line with the Dar es Salaam Stock Exchange CDS Rules.
The Notes will attract interest at a fixed rate (Fixed Rate Notes) as specified in the Relevant Pricing Supplement. Floating rate may be considered in the future.
10.2 Title
Entries in the Register in relation to a Note constitute conclusive evidence that the person so entered is the registered owner of the Note, subject to rectification for fraud or error. No Note will be registered in the name of more than two persons. A note registered in the name of more than one person is held by those persons as joint owners. Notes will be registered by name only without reference to any trusteeship. The person whose name is entered on the Register as the Noteholder is deemed, except as ordered by a court of competent jurisdiction or as required by statute, to be and may be treated as the absolute owner of the Note in all circumstances, whether or not payment under the Note is overdue and notwithstanding any notice of ownership or writing thereon or notice of any previous loss or theft thereof).
10.3 Transfer of Notes
All Notes will be issued as dematerialized securities within the meaning of the Central Securities Depository Rules of the DSE.
10.4 Status of the Notes
a) Senior Unsecured Notes: Unless otherwise specified in the Relevant Pricing Supplement, the Senior Unsecured Notes will constitute direct, unconditional, subordinated and, subject to the Negative Pledge contained therein, unsecured obligations of the Issuer and rank pari passu among themselves and (save for certain debts preferred by law) equally with all other unsecured obligations (other than subordinated obligations (if any) of the Issuer from time to time outstanding;
b) Subordinated Notes: Unless otherwise specified in the Relevant Pricing Supplement, the Subordinated Notes will constitute direct, unconditional, unsecured and subordinated obligations of the Issuer which (a) rank pari passu among themselves and (b) are subordinated to the claims of the Senior Creditors;
“Senior Creditors” means all such persons who are;
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i. Unsubordinated creditors of the Issuer; and
ii. Subordinated creditors of the Issuer other than those whose claims are expressed to rank and do rank, pari passuor junior to the claims of the Noteholders under the Notes.
The holder of a Subordinated Note may not exercise a claim or plead any right of set off, counter claim or retention (whether before or after the winding up of the Issuer), in respect of any amount owed by it to the Issuer against any amount owing by the Issuer to it, arising under or in connection with the Subordinated Notes, and each such holder shall be deemed to have waived all such rights of set off, counter claim or retention. If any of the rights and claims of such Noteholder are discharged by set off, such Noteholder will immediately pay an amount equal to the amount of such discharge to the Issuer, or as applicable, the liquidator in winding up of the Issuer as the case may be, and until such time as payment is made, such Noteholder will hold a sum equal to such amount in trust for the Issuer, or if applicable, the liquidator in winding up of the Issuer. Accordingly, such discharge will deem not to have taken place.
10.5 Financial covenants of the Issuer
a) Security: The notes are unsecured.
b) Negative Pledge: The Issuer agrees that, as long as any Senior Notes remain outstanding, it shall not create or permit to subsist any mortgage, charge, lien, pledge or other security interest upon or with respect to any of its undertakings, assets or revenues to secure any future indebtedness evidenced by Notes, bonds or other securities which are or which are capable of being, at the request of the Issuer quoted, listed or dealt in for the time being on any stock exchange or any other similar generally recognized market for securities unless the Senior Notes are secured equally and rateably therewith. The terms of the Subordinated Notes will contain no negative pledge
c) Other Financial Covenants: The Issuer covenants to the Note Trustee as follows:
i. Its assets shall be maintained in good condition and where applicable, comprehensively insured for the full market value at all times.
ii. It shall, as soon as the same become available, deliver to the Note Trustee a copy of the audited accounts together with a copy of the management letter (if any) addressed by the Auditors to the directors of the Issuer.
10.6 Interest
a) Payment of interest: The Notes bear interest on their outstanding Principal Amount from the relevant Issue Date at the Interest Rates and Interest Periods determined in the preceding sections. Interest on each Note will be payable in arrears on the dates indicated in the Relevant Pricing Supplement commencing on the Issue Date specified in such Pricing Supplement (each an “Interest Payment Date”) until the Principal Amount of each Note is repaid in full.
If any Interest Payment Date falls on a day which is not a Business Day, the next following Business Day shall be substituted for such day, unless such Business Day falls in the next calendar month, in which case the immediately preceding Business Day shall be substituted therefore.
In these Conditions, “Business Day” means any day, other than a Saturday, Sunday or public holiday in Tanzania as defined in the Public Holidays Act Cap 35 (R.E) 2002 (as amended) of the Laws of Tanzania, and on which commercial banks are open for business and foreign exchange markets settle payments in Dar es Salaam.
The period beginning on and including the “Issue Date”, to but excluding, the first Interest Payment Date, and each successive interest period from and including an Interest Payment Date to but excluding the next Interest Payment Date is an “Interest Period”.
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b) Interest Rate
i. Fixed Rate Notes:
Each Fixed Rate Note will bear interest on its Principal Amount from (and including) the relevant Issue Date at the rate of interest (expressed as a percentage per annum) (the Fixed Rate Notes Rate of Interest)equal to the Rate of Interest specified in the Relevant Pricing Supplement, payable in arrears on the Interest Payment Dates specified in the Relevant Pricing Supplement.
Each Fixed Rate Note shall cease to bear interest from the date of its redemption unless, upon due presentation thereof, payment of any Principal Amount due thereunder is improperly withheld or refused. In such event, interest will continue to accrue at the Fixed Rate Notes Default Rate as specified in the Relevant Pricing Supplement.
ii. Floating Rate Notes:
Each Floating Rate Note will bear interest on its Principal Amount from (and including) the relevant Issue Date at the rate of interest (expressed as a percentage per annum) (the Floating Rate Notes Rate of Interest) equal to the sum of the applicable Floating Rates Note Reference Rate (hereinafter defined) plus the Floating Rate Notes Margin (hereinafter defined) specified in the Relevant Pricing Supplement, payable in arrears on the Interest Payment Date(s) specified in the Relevant Pricing Supplement.
The Calculation Agent will on the first day of the Interest Period for which Floating Rate Notes Rate of Interest will apply (the Interest Rate Fixing Date) determine the value of the relevant benchmark or index (the Floating Rate Notes Reference Rate) plus the relevant margin (the Floating Rate NotesMargin) and aggregate them to form the applicable Interest Rate. The Floating Rate Notes Reference Rate and the Floating Rate Notes Margin will be specified in the relevant Pricing Supplement. The Floating Rate Notes Rate of Interest payable from time to time for each Interest Period in respect of the Floating Rate Notes will be determined by the Calculation Agent (unless otherwise specified in the Relevant Pricing Supplement) two Business Days before each Interest Payment Date and in the case of the first Interest Period, two days prior to the relevant Issue Date.
Each Floating Rate Note shall cease to bear interest from the date of its redemption unless, upon due presentation thereof, payment of any Principal Amount due thereunder is improperly withheld or refused. In such event, interest will continue to accrue at the Default Rate (if any) as specified in the Relevant Pricing Supplement.
c) Calculation of Interest: The Interest payable in respect of any Note for any Interest Period shall be calculated by multiplying the product of the Interest Rate and the outstanding Principal Amount of such Note by the Day Count Fraction, unless Interest (or a different formula for its calculation) is specified in the Relevant Pricing Supplement in respect of such Interest Period, in which case the Interest payable in respect of such Note for such Interest Period shall be the amount specified in the Relevant Pricing Supplement (or be calculated in accordance with such formula).
“Day Count Fraction” means, in respect of the calculation of an amount of interest in accordance with this Condition:
i. if “Actual/364” or “Actual/Actual” is specified in the Relevant Pricing Supplement, the actual number of days in the Interest Period divided by 364 (or, if any portion of that Interest Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Interest Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Interest Period falling in a non-leap year divided by 364);
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ii. if “Actual/364 (Fixed)” is specified in the Relevant Pricing Supplement, the actual number of days in the Interest Period divided by 364;
iii. if “Actual/360” is specified in the Relevant Pricing Supplement, the actual number of days in the Interest Period divided by 360;
iv. if “30/360”, “360/360” or “Bond Basis” is specified in the Relevant Pricing Supplement, the number of days in the Interest Period divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve 30 day months (unless (A) the last day of the Interest Period is the 31st day of a month but the first day of the Interest Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30 day month, or (B) the last day of the Interest Period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30 day month).
For the purpose of any calculation of Interest pursuant to these Conditions (unless otherwise specified in the Conditions or the Relevant Pricing Supplement), (A) all percentages resulting from such calculations shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point (with halves being rounded up), (B) all figures shall be rounded to seven significant figures (with halves being rounded up) and (C) all currency amounts that fall due and payable shall be rounded to the nearest unit of such currency (with halves being rounded up). For these purposes “unit” means the lowest amount of the currency.
d) Notification of Rate of Interest and Interest: As soon as practicable after an Interest Determination Date, the Calculation Agent will cause the Interest Rate, the Interest payable in respect of each Interest Period and the relevant Interest Payment Dates and, if required to be calculated, the Final Redemption Amount, Early Redemption Amount, or Optional Redemption Amount to be notified to the Note Trustee, the Issuer, the Noteholders, any other Note Agent appointed in respect of the Notes that is to make a further calculation upon receipt of such information and, if the Notes are listed on a stock exchange and the rules of such exchange so require, such exchange as soon as possible after their determination but in no event later than the fourth Business Day after all such determinations are complete.
Where any Interest Payment Date or Interest Period is subject to adjustment pursuant to Condition 10.6 (Notices), the Interest and the Interest Payment Date so published may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) and such amendment will be promptly notified to the Note Trustee and to the Noteholders in accordance with Condition 10.16(Notices).
If the Notes become due and payable under an Event of Default, the accrued Interest and the Interest Rate payable in respect of the Notes shall nevertheless continue to be calculated in accordance with this Condition but no publication of the Interest Rate or the Interest so calculated need be made. The calculation and determination of the Interest Rate or the Interest by the Calculation Agent shall (in the absence of manifest error) be final and binding upon all parties.
e) Certificates to be Final: All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this Condition 10.6 (Interest), by the Calculation Agent shall (in the absence of wilful default, bad faith or manifest error) be binding on all parties and (in the absence of the aforesaid) neither the Note Trustee nor the Calculation Agent shall be liable to the Issuer or the Noteholders in connection with the exercise or failure to exercise by the Note Trustee or the Calculation Agent any of their respective powers, duties and discretions pursuant to such provisions.
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f) Accrual of Interest: Each Note will cease to accrue interest from the date of its redemption unless, upon due presentation thereof, payment of the Principal Amount is improperly withheld or refused. In such event, interest will continue to accrue until whichever is the earlier of:
i. the date on which all amounts due in respect of such Note have been paid by the Issuer to the Noteholder (if no Issue and Paying Agent has been appointed under the Agency Agreement); and
ii. the date on which all amounts due in respect of such Note have been received by the Issue and Paying Agent and notice to that effect has been given in accordance with Condition 10.16 (Notices) or individually.
10.7 Payments
a) Method of Payment to Noteholders
i. Payment of amounts due on the final redemption of the Notes (the Final Redemption Amount) will be made in accordance with the prevailing BOT Rules.
ii. Payments of amounts due on any prepayment of the Notes (the Early Redemption Amount) will be made in accordance with the prevailing BOT Rules.
iii. Interest and Principal Amounts due on redemption shall only be payable to Noteholders registered as such on the Last Date to Register immediately preceding the relevant Interest Payment Date or relevant Redemption Date (as the case may be).
iv. Subject to Condition 10.7 (a) (i), payment of Interest and Principal Amounts shall be made by the Issue and Paying Agent via electronic funds transfer to the account designated for the purpose by the Noteholder. In the event that for any reason, payment by means of electronic funds transfer is not possible, payment will be made by cheque in the manner set out in the remainder of this Condition 10.7 (Payments).
v. Cheques in payment of Interest and Principal Amounts shall be drawn on the Issuer or the Issue and Paying Agent and issued by the Issuer or the Issue and Paying Agent as the case may be. Payment of cheques shall be a valid discharge by the Issuer of the obligation upon it to pay Interest or the Redemption Amount on redemption, as the case may be. Cheques shall be dated with the relevant Interest Payment Date or Redemption Date, as the case may be, and shall therefore be payable on that date.
vi. Payments made by cheque will be made by a Tanzania Shillings cheque and posted by registered post to the address (as recorded in the Register) of the relevant Noteholder on the Business Day not later than the relevant due date for payment unless prior to the relevant Last Day to Register the relevant Noteholder has applied to the Registrar and the Registrar has acknowledged such application for payment to be made to a designated Tanzania Shillings account maintained by such Noteholder with a bank in Nairobi in which case payment shall be made on the relevant due date for payment by transfer to such account.
vii. If a cheque is not collected within two Business Days of the date for collection set forth in these Conditions, the cheque shall be posted by registered post to the Noteholder entitled thereto at the address set out in the Register (or to such other address as may have been duly notified in writing to the Issue and Paying Agent by the Noteholder in accordance with these Conditions not later than the relevant Last Day to Register).
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viii. Neither the Issuer nor any of the Note Agents (if any Note Agent is different to the Issuer) or the Note Trustee will be responsible for any loss in transmission of any cheque posted by way of registered post and the postal authorities shall be deemed to be the agent of the Noteholders for the purposes of all cheques so posted.
ix. All payments of Principal Amounts and Interest in respect of the Notes are subject in all cases to any applicable laws, fiscal or otherwise in the place of payment, but without prejudice to the provisions of Condition 10.9 (Taxation). No commissions or expenses shall be charged to the Noteholders in respect of such payments.
x. If at any time a partial payment of any Principal Amount and (or) Interest is made in respect of any Note, the Registrar shall endorse the Register with a statement indicating the amount and date of such payment.
b) Payments on Business Days and Late Payments
i. Where payment is to be made by electronic funds transfer to a Noteholder’s account, payment instructions (for value the due date or, if that is not a Business Day, for value the first following Business Day) will be initiated on the due date for payment.
ii. Where payment is to be made by cheque, the cheque will be posted by registered post (i) on the Business Day immediately preceding the due date for payment.
iii. If (otherwise than by reason of the application of Conditions 10.7 (b) (i) and and10.7 (b) (ii) (a) payment of a Principal Amount is withheld or refused when due in respect of any Note, or (b) any Interest is not paid when due (the defaulted amounts mentioned in (a) and (b) above being referred to in this Condition as Defaulted Amounts) then interest shall accrue on each such Defaulted Amount at the Default Rate and shall be paid to the person who is shown as the Noteholder on the relevant Record Date. “Default Rate” means the aggregate of (a) Fixed Note Rate of Interest or (b) the Floating Rate Note Rate of Interest (as the case may be) plus a Default Rate Margin.
c) Interpretation of Principal Amount: Any reference in these Conditions to a Principal Amount in respect of the Notes shall be deemed to include as applicable:
i. The Final Redemption Amount(s) of the Notes;
ii. The Optional Redemption Amount(s) of Notes; and
iii. Any premium and any other amount which may be payable by the Issuer under or in respect of the Notes.
d) Currency of Accounts and Payments: The currency of account and for any sum due from the Issuer hereunder is the Tanzania Shilling, or any successor currency.
10.8 Redemption and purchase of Notes by the Issuer
a) Final Redemption: Unless previously redeemed or purchased and cancelled, each Note shall be redeemed by the Issuer at its Final Redemption Amount specified in, or determined in the manner specified in, the Relevant Pricing Supplement (and which, unless otherwise provided in the Relevant Pricing Supplement, is its nominal amount) on the Maturity Date specified in the Relevant Pricing Supplement.
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b) Redemption at the option of the Issuer
i. If the Issuer has specified in the Relevant Pricing Supplement that he has an option to redeem any Notes, the Issuer may after the expiry of two years from the relevant Issue Date and, in addition, after giving: (a) not less than thirty nor more than ninety days’ irrevocable notice to the Noteholders in accordance with Condition 10.16 (Notices); and (b) not less than seven Business Days before giving such notice, having given irrevocable notice to the Registrar and Note Trustee; redeem the Principal Amount specified in such notice under the Notes then outstanding on the date specified by the Issuer in such notice (the “Option Redemption Date”)at the Optional Redemption Amount specified in, or determined in the manner specified in, the Relevant Pricing Supplement together with Interest accrued to (but excluding) the Option Redemption Date.
ii. In the case of a partial redemption of Notes, the Notes to be redeemed (the Redeemed Notes) will be selected individually not more than thirty days prior to the date fixed for redemption (such date of selection being referred to below as the “Selection Date”) by lot drawn in such place and in such manner as the Registrar deems appropriate, subject to compliance with any applicable laws and the requirements of any stock exchange on which the Notes are listed, or any other regulatory requirements. In the case of a partial redemption, the notice referred to in Condition 10.16(Notices) shall contain a list of the serial numbers of Notes relative to the Redeemed Notes.
iii. All Notes in respect of which any such notice is given shall be redeemed on the date specified in such notice in accordance with this Condition.
iv. Where only a portion of a Note is being redeemed, redemption shall be in accordance with prevailing BOT rules on partial redemption and the Noteholder’s account shall reflect the unredeemed balance upon redemption.
v. So long as the Notes are listed on a stock exchange and the rules of the relevant stock exchange and/or the CMSA so require, the Issuer shall, once in every year in which there has been a partial redemption of the Notes, cause to be published in a leading newspaper of general circulation in Tanzania and/or as specified by the CMSA and (or) such stock exchange, a notice specifying the aggregate nominal amount of the outstanding Notes.
vi. For the purpose of Condition 8 (b) (and unless otherwise stated in these Conditions), the Notes will be redeemed at the Early Redemption Amount calculated as follows: (a) in the case of Notes with a Final Redemption Amount equal to the Issue Price, at the Final Redemption Amount thereof; or (b)in the case of Notes with either a Final Redemption Amount which is or may be less or greater than the Issue Price, to be determined in the manner specified in the Relevant Pricing Supplement or, if no such amount or manner is so specified in the Relevant Pricing Supplement, at their nominal amount.
vii. Purchases. The Issuer may at any time purchase Notes at any price in the open market or otherwise. In the event of the Issuer purchasing Notes, such Notes may (subject to any approvals required from the relevant stock exchange and/or the CMSA or to any restrictions under any applicable laws) be held, resold or, at the option of the Issuer, cancelled in terms of and in accordance with these Conditions.
The Notes so purchased, while held by or on behalf of the Issuer, shall not entitle the holder to vote at any meeting of the Noteholders and shall not be deemed to be outstanding for the purposes of calculating quorum at meetings of the Noteholders or for the purposes of Condition 10.17 (Meetings of Noteholders Modification and Waiver).
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c) General: Cancellation: All Notes purchased by or on behalf of the Issuer may be cancelled by the Issuer. Notes cancelled as aforesaid may not be reissued or resold and the obligations of the Issuer in respect of such Notes shall be wholly discharged.
10.9 Taxation
All payments in respect of the Notes will be made with deduction for, or on account of, any present or future taxes, duties, assessments or Governmental charges of whatever nature (Taxes) imposed or levied by, or on behalf of, Tanzania, or any political sub division of, or any authority in, or of, Tanzania having power to tax, where such withholding or deduction of Taxes is required by law.
The Issuer (or the Issue and Paying Agent, as the case may be) will deduct withholding tax at the prescribed rate on all interest payments to Noteholders other than any Noteholder who (a) is exempt from such deduction under the provisions of the Income Tax Act (Chapter 332 of the Laws of Tanzania) and (b) has provided evidence of such exemption to the reasonable satisfaction of the Issuer.
10.10 Prescription
The Notes will become void unless presented for payment of Principal Amount within a period of six years and for payment of Interest within a period of six years after the Relevant Date (hereinafter defined) thereof. “Relevant Date” means the date on which such payment first becomes due, except that if the full amount of the moneys payable has not been duly paid by or on account of the Issuer on or prior to such date, it means the date on which notice to that effect is duly given to Noteholders in accordance with Condition 10.16 (Notices). The amounts due under such void Notes will be dealt with in accordance with the provisions of BOT on unclaimed financial assets.
10.11 Events of default
An Event of Default shall have occurred in the case of Notes, if:
a) Non-payment: the Issuer fails to pay any Principal Amount which is due in respect of the Notes or the Issuer is in default with respect to the payment of Interest on any of such Notes and such default continues for a period of seven(7) Business Days (provided that the Issuer shall not be in default if, during such period, it satisfies the Note Trustee that the amounts not paid were not paid (i) in order to comply with any applicable laws or order of any court or competent jurisdiction or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice as to such validity or acceptability given at any time during such period by independent advisers acceptable to the Note Trustee); or
b) Breach of other obligations: the Issuer is in default in the performance, or is otherwise in breach, of any warranty, covenant, obligation, undertaking or other agreement under the Notes (other than non-payment under the Notes) and such default or breach (if capable of remedy) is not remedied within thirty (30) Business Days (or such longer period as the Note Trustee may in its sole discretion determine) after notice thereof has been given to the Issuer and, if applicable, by the Note Trustee; or
c) Cross default: (i) any indebtedness of the Issuer, (a) becomes due and payable prior to the due date for payment thereof by reason of any default by the Issuer or (b) is not repaid at maturity as extended by the period of grace, if any, applicable thereto or (ii) any guarantee given by the Issuer in respect of any indebtedness of any other person is not honoured when due and called, provided that the aggregate principal amount of such financial indebtedness referred to in (i) or (ii) exceeds TZS120.0 Billion; or
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d) Bankruptcy: the Issuer shall institute proceedings under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect to be placed into liquidation or winding up or shall consent to the filing of a bankruptcy, insolvency or similar proceeding against it or shall file a petition or answer or consent seeking reorganisation under any such law or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver, manager, liquidator or trustee or assignee in bankruptcy or liquidation of the Issuer or in respect of its property, or shall make an assignment for the benefit of its creditors or shall otherwise be unable or admit its inability to pay its debts generally as they become due or the Issuer commences proceedings with a view to the general adjustment of its indebtedness, which event in any such case is (in the sole opinion of the Note Trustee), materially prejudicial to the interests of the Noteholders; or
e) Substantial Change in Business: the Issuer makes or threatens to make any substantial change in the principal nature of its business as presently conducted which is (in the sole opinion of the Note Trustee) materially prejudicial to the interests of the Noteholders; or
f) Maintenance of Business: the Issuer fails to take any action as is required of it under the applicable laws or otherwise to maintain in effect its corporate existence or fails to take any action to maintain any material rights, privileges, titles to property, franchises and the like necessary or desirable in the normal conduct of its business, activities or operations which is (in the sole opinion of the Note Trustee) materially prejudicial to the interests of the Noteholders and such failure (if capable of remedy) is not remedied within thirty (30) Business Days (or such longer period as the Note Trustee may in its sole discretion determine) after notice thereof has been given to the Issuer; or
g) Material compliance with applicable laws: the Issuer fails to comply in any material respect with any applicable laws to enable it lawfully to exercise its rights or perform or comply with its obligations under the Note Documents; or
h) Invalidity or Unenforceability: (i) the validity of the Notes or the Note Documents is contested by the Issuer or the Issuer shall deny any of its obligations under the Notes or the Note Documents (whether by a general suspension of payments or a moratorium on the payment of debt or otherwise) or (ii) it is or becomes unlawful for the Issuer to perform or comply with all or any of its obligations set out in the Notes or the Note Documents and the Note Trustee is of the opinion (determined on its sole discretion) that such occurrence is materially prejudicial to the interests of the Noteholders; or
i) Government Intervention: (a) all or any substantial part of the undertaking, assets and revenues of the Issuer is condemned, seized or otherwise appropriated by any person acting under the authority of any national, regional or local Government or (b) the Issuer is prevented by any such person from exercising normal control over all or any substantial part of its undertaking, assets or revenues and, following the occurrence of any of the events specified in Condition 10.11 (i) (a), the Note Trustee is of the opinion (determined on its sole discretion) that such occurrence is materially prejudicial to the interests of the Noteholders; in which event the holders of Notes may, by Extraordinary Resolution of such holders, direct the Note Trustee to give written notice to the Issuer at the Specified Office of the Issue and Paying Agent, effective upon the date of receipt, declaring the Notes to be forthwith due and payable whereupon the same shall become forthwith due and payable at the Early Redemption Amount, together with accrued Interest (if any) to the date of repayment, without presentment, demand, protest or other notice of any kind.
10.12 Regulatory consent
The Note Trustee and the Noteholders will not without the prior written consent of the Relevant Authorities:
a) Purport to retain or set off at any time any amount payable in respect of the Notes against any amount otherwise payable by any of them to the Issuer except to the extent that payment of such amount in respect of the Notes would be permitted at such time under the Conditions;
b) Amend or waive or concur in amending or waiving the terms of the Note Documents whereby the subordination of the Notes or any part thereof might be terminated, impaired or adversely affected; or
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c) Attempt to obtain repayment of the whole or any part of the amounts payable in respect of the Notes otherwise than in accordance with the terms of the Note Documents.
10.13 Trust
Any amounts paid by or for the account of the Issuer or received or recovered by the Note Trustee or any Noteholder and any distributions of any kind or character in respect of the Notes received or recovered by the Note Trustee or any Noteholder otherwise than in accordance with the provisions of the Note Documents shall be held in trust by the Note Trustee, or any Noteholder to return the same to the Issuer, or where applicable, the liquidator or other similar such officer.
10.14 Location of register
The Register shall be kept at the offices of the Registrar. The Register shall contain the name, address and bank account details of the registered Noteholder, the Principal Amount of the Note issued to such Noteholder, the date of such issue and the serial number of Note issued. The Registrar shall not be bound to enter any trust into the Register or to take notice of any or to accede to any trust executed, whether expressly or implied, to which any Note may be subject.
The Register shall be open for inspection during the normal business hours of the Registrar to any Noteholder or any person authorized in writing by any Noteholder, the CMSA and the DSE on which the Notes will be listed.

 

 
VODACOM RECOMMENDATIONS
Preamble
One of the largest (top-three) mobile network operators (MNOs), namely MIC (T) Limited (Tigo), is currently facing a legal challenge relating to the shareholding and ownership of the company. In February 2017, Tanzania’s Capital Markets and Securities Authority (CMSA) suspended the planned IPO of MIC Tanzania Limited (Tigo), pending resolution of the shareholders’ dispute, resulting in delay its intended listing on the bourse. Another large (top-three) player, Airtel Tanzania Ltd (Airtel), is currently in dispute with the Government over a controversial transfer of state-owned Tanzania Telecommunications Company Limited (TTCL) shares and ownership of the company to Celtel Tanzania (now Airtel Tanzania Ltd). Through the state-owned TTCL, the government has laid claim over and is pushing to retake the ownership of the Airtel Tanzania Ltd. Moreover, earlier this month, the Tanzania Communications Regulatory Authority (TCRA) threatened to penalize telecom companies (including Tigo and Airtel) that have not completed the process of listing their shares at the Dar es Salaam Stock Exchange (DSE).
Our take
The above developments together with the fact that the third top-three MNO is already listed on the Exchange, indicate limited or no likelihood of a major consolidation in the immediate future (3 – 5 years). This conclusion is also backed by the fact that fast-growing Halotel might not be interested in a consolidation at present for two reasons: (i) it is largely a Vietnamese government enterprise that has sufficient financial muscle and a seemingly working strategy, and (ii) it will be more interested/opportune to cash in on the on-going misfortunes of the larger players.
Competition
On the side of competition, as at September 2017 Vodacom had the largest share in Tanzania’s market (32%), followed by Tigo (27.6%), Airtel (26.4%) and Halotel (9.4%). In comparison to FY2016, Viettel Tanzania Limited (Halotel) the fastest growing mobile operator saw its subscription rising by approximately 21.7% while Vodacom’s grew by 4.1%, Airtel’s by 0.7% and Tigo’s declined by 8%. Halotel’s commitment, growth and strategic plans of injecting about $100 million (about TZS 223 billion) in network and services to rekindle competition for data and voice communication among operators in the industry could intensify competition in the medium to long-run.
Further, the introduction of Mobile Number Portability (MNP) back in March 2017, could also lead to a more intense competition among telecom companies. MNP which is available to both Post-Paid and Pre-Paid customers provides flexibility to mobile subscribers to change service providers or services without changing their telephone numbers. MNP may not necessarily affect the market shares or cause pricing competition, but ii could lead to a disastrous effect if and when competitors start fighting price wars. MNP is a tool which could further strengthen competition leading to improvement of quality of service and stimulate innovations.
Notwithstanding the above, we expect Vodacom to remain at the top for the foreseeable future. The Industry in general is expected to grow, driven by mobile money and data service, which implies that demand for telecom products is expected to remain strong. For the Voda price, we expect an unch situation in the medium term, hence our hold recommendation on the Vodacom stock.
 
Tanzania Securities Limited Scoop DSE Members Awards (2017)
Tanzania Securities Limited (TSL) was declared the first runners-up in category of Best Stocker Broker in Tanzania. TSL emerged as second best stocker broker in the category in recognition of its contribution in providing stock brokerage service to the public in Tanzania. The award was announced by the Dar es Salaam Stock Exchange PLC (DSE) for its DSE Members Awards 2017. DSE Members Awards is an Annual Programme that was introduced by DSE in 2016 with the main objective of fostering good practices in the Tanzanian capital markets. DSE Members Awards 2017 Programme aimed at recognizing all market participants in their respective roles for excelling in the areas of Environment; Social Responsibility; Investors' protection; Sustainable Growth of their Business, Good Corporate Governance; as well as Transparency including engagements with investors, media and the public at whole..
 
DSE Members Award 2017 winners are as follows;
 
  1. Two Best Listed Companies of the Year in the Main Investment Market (MIM) Segment;
  • Tanzania Breweries Ltd (TBL)
  • NMB Bank Plc
  1. Best Listed Company of the Year in the Enterprise Growth Market (EGM) segment;
  • Yetu Microfinance Plc
  1. Best Stock Broker of the Year
  • Orbit Securities Company Ltd
  • 1st runner up Tanzania Securities Ltd and
  • 2nd runner up Zan Securities Ltd
  1. Best Custodian of the Year;
  • Standard Chartered Bank
  1. Best Digital Media House of the Year for Reporting Financial News;
  • Tanzania Broadcasting Corporation
  1. Best Print Media House of the Year for Reporting Financial News.
  • Tanzania Standard Newspapers.

IMG 20171002 082923

 
Thinking of going public in Tanzania

Companies are constantly seeking for growth and expansion so as to increase shareholders' value. Listing of company's shares or simply going public is one of the ways through which companies can achieve their growth objectives at a lower cost. Taking loan will in most cases costs more than public offering. Going public require time and of course some money but the advantages of going public have been proved to be of value adding to the company in a long run. This paper intends to give an overview of the IPO and listing Process and should not be taken as an advice to the IPO and Listing process.

Read more

 
Swala Oil and Gas IPO prospectus

Swala Oil and Gas (Tanzania) Plc "Swala", a public company incorporated in the United Republic of Tanzania is looking to raise TZS 4.8 billion capital from the public through a sale of 9.6 million shares at a price of TZS 500 per share. Swala's principal activity is the exploration of oil and gas "hydrocarbons" reserves in Tanzania.

The funds that will be collected from the IPO will provide additional funds to the working capital.

The Offer opens on 9th June 2014 and closes on 4th July 2014. The shares of SWALA will subsequently be listed on the Enterprise Growth Market Segment (EGM) of the Dar es Salaam Stock Exchange. The trading of SWALA shares after the closure of the IPO will be done at the Dar es Salaam Stock Exchange through Brokers.

Click here to download prospectus

 
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