Tanzania: Vodacom's Share Sale Set for This Month

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Dar es Salaam — The Capital Markets and Securities Authority (CMSA) has given Vodacom Tanzania the go-ahead to sell its shares to the public later this month.

CMSA Public Relations Officer Charles Shirima confirmed to The Citizen yesterday that the authority approved Vodacom's prospectus on Monday, paving the way for the firm's initial public offer (IPO) at the Dar es Salaam Stock Exchange (DSE).

"What I can say is that we have endorsed Vodacom's IPO. I cannot reveal details of what is in the prospectus because the rules and regulations don't allow me to do that," he said.

A senior official of the lead manager, Orbit Securities Limited, told The Citizen that the IPO would start within two weeks.

"It's 'all systems go'. We received the approval letter on Monday and will later today (yesterday) meet with the issuer (Vodacom) to consult on some details. We expect the IPO to start in the next two weeks. By tomorrow (today) we might be able to announce the exact date of the IPO," Orbit Securities General Manager Simon Juventus said.

He added that the logistics of printing and distributing copies of the prospectus nationwide were being sorted out.