Tanzania: Chamber of Commerce to Invest in Agroprocessing Industries
Posted on :Thursday , 20th October 2016
The Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) Investment Plc has posted a pre-tax 564.18M/-profit allowing it to invest in agro-processing industries in various regions.
Opening the company's 11th annual general meeting in Dar es Salaam yesterday, the Board Chairman, Eng Aloys Mwamanga, said the company was faring well despite rocketing operational costs and some instability at the Dar es Salaam Stock Exchange (DSE).
"We have realised a 564.18 m/-profit before tax against the 784.23m/- profit we got in 2014. The drop is explained by rising operational costs and expanding activities of our company," he explained.
According to Eng Mwamanga, one of the firms 'collective investment management company' started with an estimated capital of 1.97 bn/-on October 1, 2005.
As of December 31, 2015, he said, its capital was 31.95 bn/-.Because of a drop in the value of shares at the DSE, he said, the company's capital has been negatively affected, because, he explained, the firm's capital stood at 34.56 bn/- on December 31, in 2014.
Mr Mwamanga said because the company is financially stable, besides investing in agro-processing plants, it will also invest in floated bonds, start a microfinance company, build its own office premises and warehouses. He told the participants that the company will invest in agro-processing plant. "We fully support the government's industrialisation drive. We think it is a good development approach." he said.
The company's Chief Executive Officer (CEO), Mr Donald Kamori said the company plans to float 112,500,000 shares at the DSE at 400/-each. He said the company is looking forward to earn 45bn/-from the business.
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