africa Banking communications Economy Finance M&A Tanzania telecom

Maxcom set to launch IPO in Tanzania in February

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Tanzania-based ICT integrator Maxcom Africa is in the final stages of preparing to submit its draft to the Capital Markets and Securities Authority (CMSA) for listing on the Dar es Salaam Stock Exchange (DSE).

Raphael Masumbuko, the chief executive officer of Zan Securities, who are providing advisory services to Maxcom, told The Citizen that the company was seriously considering February to launch the company’s initial public offering.

Masumbuko said February is the right time to open the IPO because Tanzania’s economy will be stable, and members of the public would have already finished dealing with their January financial obligations.

Maxcom operates in six African countries: Tanzania, which hosts the firm’s headquarters, as well as Rwanda, Kenya, Uganda, Zambia and Burundi. Chairman Samwel Wangwe said the application to go public was aimed at conforming with Tanzania’s Electronic and Postal Communication Act of 2010, and the Finance Act (2016), which requires communications operators to offload a minimum of 25 percent of their shares to the general public.

Source: telecompaper

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