Nashukuru sana. Nipo Sumbawanga. Hujanielewa. Ninashauri kufanya IPO ya Airtel na NBC ili kwanza kupata mapato kwa serikali lakini pili kwa kumilikisha uchumi kwa umma. IPO ni kwa wananchi kupitia soko la hisa.
Hukunielewa vema na ninaomba unielewe. Siku zote nimekuwa mstari wa mbele kuhakikisha DSE inakuwa more liquid. Nataka tuwe na kampuni nyingi sana DSE. Hii itawezesha uwazi.
Hon. Zitto, I like your effort to make sure that the DSE is more liquidated and to have more public companies in Tanzania. This will provide investors liquidity, marketability safety, etc of investment. It will provide Airtel and NBC with access to market funds, higher rating and public interests. Brokers will receive commission in lien to their services to investors. And, as far as the economy and the country is concerned, there will be a large saving, better growth which will move industries and higher income. These benefits may only be realized in proper regulated stock exchange either by the market itself or by law or by both.
However, as far as our securities system is concerned, I believe that a work still need to be done in terms of our corporate finance system, the way the DSE operates and more importantly our corporate governance system. One entrenched view of public companies is that they are widely-held funds of assets administered and run by specialist managers characterized by the separation of ownership from control. This gives rise to the concern that the directors who manage public companies may have considerable freedom to act with regard to their own self-interest.
There are also wider questions that have been the subject of extensive debate concerning the nature of corporate power and accountability in Tanzania. For whose benefit should these public companies operate? Should they only exist to serve the private interests of their investors or should the interests of other stakeholders (employees, creditors, community) be taken into account? What is the proper role of law in regulating the exercise of corporate power by the directors? Do we already already have in place a rigorous regulatory framework for initial public offerings in Tanzania? I think we need to first to address the factors hindering the development of the capital markets to develop these markets
An empirical study conducted by the some academicians at Mzumbe University, covering key informants from listed and unlisted companies, brokers, Capital and Securities Market Authority, and DSE has found that lack of good knowledge of the capital markets, high transaction costs, fear of information disclosure, lack of public awareness on the existence, benefits, risks and procedures for participating in capital markets and stringent listing requirements are the major factors, which hinder the development of the exchange in Tanzania. The lack of public awareness on the existence of the DSE has led only certain people to use the market. The study further found out that many listed companies do not even use the DSE to raise capital. So, it is likely that Airtel na NBC might follow the same suit.
At the end of the day is not about having many public companies trading at DSE but how effectively do we benefit from them. Unless you clarify, to me, it appears as if you are looking for a short term solution to the current problems. If this is the case, then I don't, this will help. I believe some effort still need to be undertaken within the DSE in terms of education and awareness creation about the usefulness of the Stock Exchange itself before floating securities on it. We also need to develop a strong regulatory framework on public companies. These will help the public in the long term. Otherwise, only certain people within the section of the society will benefit from the IPO.