By Azania Post Reporter
THE Capital Markets and Securities Authority (CMSA) in Tanzania has said it will continue to remind telecommunication companies which have not offloaded their shares to the public to do so.
Speaking to Azania Post in an exclusive interview, the authority’s Principal Public Relations Officer, Charles Shirima, said despite the fact that their responsibility is to provide guidance to the firms, they would continue to remind them to list.
He said CMSA responsibility is to provide guidance to the telecoms regarding the process of issuing shares to the public and listing on the DSE and to keep on reminding the telecoms which have not issued shares and list on the Dar bourse to do so.
“Supervision of the companies lies with the regulator of the telecommunication companies which in our country is Tanzania Communications Regulatory Authority (TCRA)”, he said.
Already the Tanzanian government has issued a statement to defiant telecommunication firms which have failed to list their shares to the public through Dar es Salaam Stock Exchange (DSE).
It vowed to take stern actions for some telecommunication companies who will not adhere to the electronic and Postal Communications Act (EPOCA)'s offloading 25 percent of their shares to the public.
Speaking recently , the Minister for Finance and Planning Dr Phillip Mpango was quoted by Azania Post as saying he understand that there are some telecommunication firms which have started preparations to list on the bourse.
“I remind all telecommunication companies to collaborate with Capital Markets and Securities officials to make sure that they complete their prospectus, and sell shares to the public as well as listed on the bourse”, he said.
Dr Mpango emphasized that the government would not hesitate to take tough measures including legal action against culprits.
He explained that the government through CMSA is obliged to manage, coordinate and develop capital market industry in Tanzania.
“The sector plays a crucial role in raising long time capital and performance of Tanzania’s economy,” he added.