[Intl-tobacco] Tanzania: Cigarette Company To List On Dar Exchange (fwd)

[Robert Weissman]

Tanzania: Cigarette Company To List On Dar Exchange
by Ongeri John
Source: Panafrican News Agency, Tuesday, 7/25/00

Dar Es Salaam - Leading East African tobacco producer, Tanzania Cigarette
Company (TCC), will next month float shares worth US$10 million on the Dar
es Salaam Stock Exchange ahead of its planned listing in September.

Exchange finance and operations manager Oswald Urassa said work on the
company's prospectus - an information booklet containing its profile - was
almost complete.

"It is hoped that public subscription of the TCC shares could start around
mid-next month," Urassa said.

The listing of TCC will bring to five the number of firms listed on the
two-year-old exchange.

The first three companies to list - Tanzania Breweries Limited, TOL
Limited, and Tanzania Tea Packers - have a combined market capitalisation
of US$173 million. East African Development Bank listed last December.

The tobacco company's floatation will make it the second largest company
on the exchange after Tanzania Breweries, which has a market
capitalisation of US$165 million.

The Tanzanian bourse is markedly smaller than the older Nairobi Stock
Exchange in neighbouring Kenya, whose market capitalisation is 10 times
higher.