National Investment Company Ltd (DSE:NICO) made a comeback at the Dar es Salaam Stock Exchange (DSE) on tuesday with a total market capitalisation of Sh20.75 billion. The collective investment company listed 69 million shares at Sh300 per share.
DSE board chairman Jonathan Njau said Nicol stayed out of bourse for seven years due to its failure to meet regulatory requirements.
“Nicol first listed at DSE on July 15, 2008 but it failed to observe Continuous Listing Obligations (CLO) and was removed on July 6, 2011,” he said.
To remain in the market and be competitive, Mr Njau advised the firm to invest its funds in well analysed marketable securities or liquid financial assets and avoid high risk ventures.
“It must ensure that investment decisions should always be driven purely by business principles,” Mr Njau said.
“If Nicol wants to remain at the DSE for a long haul, the observance of good corporate governance principles and best practices is not an option, it is a must,” he insisted.
Capital Markets and Securities Authority (CMSA) acting chief executive officer Nicodemas Mkama said the company went through tough times and the new board of directors worked hard to reprise it to DSE.
He said the company was now observing the rules by preparing accounts and selecting external auditors to audit its accounts, releasing financial statement to their shareholders.
Former President of Tanzania Dr Jakaya Kikwete advised the DSE to attract more listings in order to give diversified choices for equities and securities investors. Nicol re-entrance makes a total of 22 locally listed companies at Dar es Salaam Stock Exchange and six cross listings.
