You can be listed as a dealer,Main Investment Market Segment or Enterprise Growth Market Segment at Dar es Salaam Securities Exchange. The procedure for being listed is as follows.
PROCUDURES TO LIST ON MAIN INVESTMENT MARKET SEGMENT (MIMS)
- An Applicant shall appoint a Licensed Dealing Member of the Exchange to sponsor its application. The sponsoring Licensed Dealing Member shall be responsible for the lodging of, any documents that are required to be submitted with the application, ensuring that the company comply with these Rules
- Change of a company’s incorporation status to a public company
- Get approval from the company’s shareholders
NOTE:
No securities shall be Admitted on the List without a written approval of the Council. Admission to MIMS may be made subject to such conditions as the Exchange deems necessary in order to protect investors.
LISTING RULES FOR MAIN INVESTMENT MARKET SEGMENT AND ENTERPRISE GROWTH MARKET
SEGMENT
| S/NO. | CRITERIA | MAIN INVESTMENT MARKET SEGMENT | ENTERPRISE GROWTH MARKET |
| SEGMENT | |||
| 1. | Track record of existence | Applicant must publish it annual accounts | None. But if the applicant has no |
| of preceding three years. Annual accounts | track record, has to show that funds | ||
| should be in accordance with the | are required to support a project | ||
| Companies Act, 2002 and must be | which has been fully researched and | ||
| prepared and independently audited with | costed. | ||
| the standards regarded as appropriate by | |||
| the Council. | |||
| 3. | Issued and paid-up capital | At least TZS 1 billion | 200 million |
| Working Capital | Working capital available to the company | Working capital available to the | |
| must sufficient for at least eighteen (18) | company must sufficient for at least | ||
| months. Where working capital is not | twelve (12) months. | ||
| sufficient. | |||
| 4. | Minimum Value of securities | An applicant must apply to list securities of | None |
| to be admitted on the list | at least TZS 2 billion. This requirement | ||
| shall not apply for securities already listed. | |||
| 4. | Incorporation Status | Issuers must be incorporated in Tanzania | Issuers must be incorporated in |
| as public companies or else where the | Tanzania as public companies or | ||
| companies’ law is in conformity with the law | else where the companies’ law is in | ||
| of Tanzania for cross-listing companies. | conformity with the law of Tanzania | ||
| (for cross-listing companies). | |||
| 6. | Issuer Type | All companies from different economic | Growth companies of all sizes. |
| sectors. | |||
| 7. | Method of offering new issue | Public offering, underwriting or combination | Public offering, underwriting, private |
| of shares | of both. | placement or combination of all. | |
| 8. | Business Operations | The applicant seeking listing should have at | Detailed profile of planned |
| least one identifiable core business which is | operations including the following: 5 | ||
| controlled by the listing company. | years business plan and | ||
| independent technical feasibility | |||
| report for companies with less than | |||
| 12 months of operating history. | |||
| 9. | Public shareholding spread | At least 25% of the issuer’s shares, being | At least 10% of its shares must be |
| not less than 1 million number of shares in | held by public. | ||
| the hands of the public. | |||
| 10. | Minimum number of | Not less than 1000 shareholders excluding | At least 100 shareholders |
| shareholders upon listing | employees of the Issuer. | ||
| 11. | Period moratorium | Not necessary. | If the Issuer has less than three |
| years track record, promoters to be | |||
| locked-in for up to 3 years. | |||
| 12. | Utilization process of | Disclose the estimated amount of the | Disclose the estimated amount of |
| proceeds | proceeds from the offer (net of the | the proceeds from the offer (net of | |
| expenses of the offer) broken down into | the expenses of the offer) broken | ||
| each principal intended use. If the | down into each principal intended | ||
| anticipated proceeds will not be sufficient to | use. If the anticipated proceeds will | ||
| fund all of the intended uses, disclose the | not be sufficient to fund all of the | ||
| amount and sources of other funds needed. | intended uses, disclose the amount | ||
| Where specific uses are not known for any | and sources of other funds needed. | ||
| portion of the proceeds, disclose the | Where specific uses are not known | ||
| general uses for which the proceeds are | for any portion of the proceeds, | ||
| proposed to be applied. State the minimum | disclose the general uses for which | ||
| amount which, in the reasonable opinion of | the proceeds are proposed to be | ||
| the directors of the relevant corporation, | applied. State the minimum amount | ||
| must be raised by the offer. | which, in the reasonable opinion of | ||
| the directors of the relevant | |||
| corporation, must be raised by the | |||
| offer. | |||
| 13. | Nominated Advisors | Not necessary/required. | Must have a Nominated Advisor at |
| all time of listing. | |||
| 14. | Directors and Management | Disclosure of age, qualification and relevant | Suitable senior management with |
| experiences for the preceding five years. | relevant experience of one year | ||
| prior to listing. | |||
| 15. | Financial Statements | Must be IFRS compliant and must have | Must be IFRS compliant and must |
| been audited by authorized auditor. | have been audited by authorized | ||
| auditor. | |||
| 16. | Auditors | Registered by NBAA | Registered by NBAA |
| 17. | Same Management | At least 2 years before listing. | No need. Emphasis should be on |
| competence of the Management | |||
| team. | |||
| 18. | Audit Committees | Issuers must have audit committee as per | Issuers must have audit Committee |
| CMSA guidelines on Corporate | as per CMSA guidelines on | ||
| Governance. | Corporate Governance | ||
| 20. | Certificate of comfort from | Issuers to obtain comfort letters from | Issuers to obtain comfort letters from |
| relevant regulators | relevant regulators supervising their day to | institutions regulating their | |
| day activities. | operations. | ||
| 21. | Articles and Memorandum of | They must provide for public issuance of | They must provide for public |
| securities as well protection of minority | issuance of securities as well as |
| Association | shareholders, transferability of shares, | protection of minority shareholders, | |
| borrowing powers of directors, corporate | transferability of shares, borrowing | ||
| governance principles. | powers of directors, corporate | ||
| governance principles. | |||
| 22. | Composition of board of | The Issuer must have at least one third of | At least one third of the board |
| Directors | the Board members as non-executive | members must be non-executive | |
| directors. | directors. | ||
| 23. | Prospectus approved by a | Prospectus to be approved by the | Prospectus to be approved by the |
| regulator | Authority. | Authority | |
| 24. | Compliance to other | All applicants to undertake to comply with | All applicants to undertake to |
| Corporate Governance | other corporate governance principle as per | comply with other corporate | |
| Issues | CMSA guidance as improved from time to | governance principle as per CMSA | |
| time. | guidelines for corporate governance | ||
| as improved from time to time. | |||
| 25. | Clear dividend policy | The Issuer to disclose clear dividend policy. | Issuer to disclose clear dividend |
| policy. | |||
| 26. | Publication in the Press | Applicants to prepare abridged | Applicants to prepare Abridged |
| Prospectuses. | Prospectuses. | ||