Only three telecoms operators meet share listing deadline
6 January 2017
A total of 86 telecoms companies in Tanzania have so far failed to comply with a requirement to prepare to list 25% of their shares on the Dar es Salaam Stock Exchange (DSE), according to the Tanzania Communications Regulatory Authority (TCRA).
Local newspaper The Citizen cites the regulator’s Director General James Kilaba as saying that only three operators – Vodacom, Millicom (Tigo) and Airtel Tanzania – have submitted prospectuses to the Capital Markets and Securities Authority (CMSA), as an initial step towards listing a portion of their shares on the local stock exchange. Under the Finance Act of 2016, which amended the Electronic and Postal Communications Act of 2010, the government made it a legal requirement for the country’s telecoms operators to float 25% of their shares by 31 December 2016.
The TCRA said it will now submit a list of companies failing to meet the deadline to the CMSA for assessment, following which action against the non-compliant operators may be taken, including the suspension of their licences.