Tanzania Capital Markets

Tanzania Capital Markets Executive Summary

As of November 2021, there are 28 companies listed at the Dar es Salaam Stock Exchange (DSE) with a total market capitalization of TZS 15,4 trillion.

The DSE All Share Index (DSEI), which comprises all listed companies at DSE, reached TZS 1,858.26 on 29th November 2021.

At the end of August 2021, the total amount of outstanding corporate bonds was TZS 120 billion issued by four entities: EXIM Bank, National Microfinance Bank (NMB), and Tanzania Mortgage Refinance Company (TMRC).

Tanzania Capital Markets History

Tanzania’s Stock Exchange, the Dar es Salaam Stock Exchange (DSE), was established in 1996 as part of the government’s broader economic reforms aimed at stimulating a dynamic private sector to be the primary engine for economic growth in Tanzania.

The DSE started business on April 15th, 1998 to support the Tanzanian Government to privatize parastatal entities in order to boost economic growth, reduce the number of non-performing parastatal enterprises and eliminate budgetary support to them.

Tanzania Oxygen Limited (DSE:TOL) was the first state-owned company selected for privatization through the DSE.

After TOL’s initial public offering (IPO) at DSE on April 15th, 1998 Tanzania Breweries Limited (DSE:TBL) followed on September 28th of the same year.

Tanzania Cigarette Company (DSE:TCC), Swissport (DSE:SWIS), Tanzania Portland Cement Company (DSE:TPCC), Tanga Cement Company Limited (DSE:TCCL) and National Microfinance Bank (NMB) completed the list of 7 companies out of 330 shortlisted to be privatized.

Following these first state-driven listings, other private companies decided to list in DSE as a part of their corporate growth strategy to raise capital.

TATEPA, CRDB Bank, Precision Air, Maendeleo Bank, Swala Gas & Oil, MKOMBOZI Commercial Bank, and DCB Commercial Bank listed respectively on December 17th, 1999, June 17th, 2009, December 21st, 2011, November 4th, 2013, August 11th, 2014, December 29th, 2014, and September 16th, 2008.

DSE also counts with six cross listed companies: Kenya Airways (DSE:KA), East African Breweries (DSE:EABL), Jubilee Holdings (JHL), Kenya Commercial Bank (DSE:KCB), National Media Group (DSE:NMG), and Uchumi Supermarket (DSE:USL) from Kenya.

These companies decided to cross list mainly to earn a higher visibility and name recognition in the Sub-Saharan region and to access potential investors in different markets for future plans to raise capital, as it was declared by the companies’ CEOs at the listing moment.

The DSE has also managed to diversify financial instruments on the market with equities, derivatives, government and corporate bonds and Real Estate Investment Trusts (REITs) with the Watumishi Housing Company (WHC-REIT) which was the first REIT in East Africa.

The DSE launched its own IPO of 15m ordinary shares at TZS 500 per share on 16th May 2016. As of 9^th September 2020, the DSE trades at TZS 890, an increase of 78%.

Tanzania Capital Markets Regulation

The Capital Markets and Securities Authority (CMSA) is a government agency established to promote and regulate securities business in Tanzania that has been established under the Capital Markets and Securities Act, 1994.

The Act sought to establish the legal framework for the regulation of the securities industry that is supplemented by regulations promulgated by the Tanzanian Ministry of Finance.

Tanzania Capital Market Players

The Tanzanian capital market is composed of 28 listed equity securities, and 13 brokers.

DSE Listed Companies

Company	Security Code	Activity	IPO Price (TZS)	September 29th, 2021 Price (TZS)
CRDB Bank	CRDB	Banking	350	240
DCB Commercial Bank (DCB)	DCB	Banking	380	190
Dar es Salaam Stock Exchange	DSE	Bourse	500	1,300
East African Breweries	EABL	Alcoholic Beverages in Kenya, Uganda, Tanzania and Mauritius	2,300	3,160
JATU	JATU	Agri business.	420	445
Jubilee Holdings	JHL	Insurance	5,860	6,950
Kenya Airways	KA	Air Transport	215	80
Kenya Commercial Bank (KCB)	KCB	Banking	440	895
Maendeleo Bank	MBP	Banking	500	490
Mwalimu Commercial Bank	MCB	Banking	500	500
Mkombozi Commercial Bank	MKCB	Banking	1,000	780
Mucoba Bank	MUCOB	Banking	250	400
National Investment Company	NICO	Financials	300	270
National Microfinance Bank (NMB)	NMB	Banking	600	2,000
National Media Group (NMG)	NMG	Media	3,600	380
Precision Air Services	PAL	Air Transport	475	400
SWALA Gas and Oil	SWALA	Oil & Gas Sector	500	490
Swissport Tanzania	SWIS	Logistic Services. Airports handling of passengers and cargo	225	1,100
Tanzania Breweries	TBL	Alcoholic beverages, fruit beverages and non-alcoholic beverages within Tanzania	550	10,900
Tanzania Cigarette Company	TCC	Manufacturing, marketing, distribution and sale of cigarettes	410	17,000
Tanga Cement Company	TCCL	Production, sale and marketing of cement	300	640
TCCIA Investment Company	TICL	Investment Company	400	350
TOL Gases	TOL	Industrial Sector. Production and distribution of industrial gases,welding equipments, medical gases	500	510
Tanzania Portland Cement	TPCC	Production, sale and marketing of cement	435	3,400
TATEPA	TTP	Growing, processing, blending, marketing and distribution of tea and instant coffee	330	120
Uchumi Supermarket	USL	Supermarkets	250	5
Vodacom Tanzania	VODA	Telecoms	850	770
Yetu Microfinance	YETU	Banking	500	550

Last Updated: 29th November 2021

January 22, 2022

Turnover Up by +398% at DSE During Week 3 of 2022

The Dar es Salaam Stock Exchange (DSE) closed on Friday 21th January 2022 with a total market capitalization of TZS 15,810.46 bln (USD 6,905.59 mln), up by +0.55% compared to TZS 15,724.22 bln (USD 6,867.93 mln) on 14th January 2022.

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