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[2007-05-07] Locals to Own Shares in TanzaniteOne
TanzaniteOne, a giant firm mining gemstones at Mererani in Simanjiro district, Manyara region, will soon be listed on the Dar es Salaam Stock Exchang to enable Tanzanians own shares in the company whose large shares are owned by South African investors.
The Tanzanite One, Cheif Executive Officer (CEO) Ian Harebottle revealed this to members of a parliamentary committee on Community Development and Children Affairs during their visit to the mines recently.
He said projections are that TanzaniteOne will be listed at DSE by the end of this year, thus enabling many locals to own shares in the highly capitalised firm.
According to him, his company has invested up to Sh. 50billion at its Mererani tanzanite mines since 2000.
Shares will be sold at lower cost in order to attract many shareholders from ordinary Tanzanians.
TanzaniteOne is already listed in the London Stock Exchange. At least five per cent of the shares have been bought by Tanzanians resident in the UK.
"Our intention is to ensure that majority shares are owned by Tanzanians because our company is registered in Tanzania and that tanzanite gemstones are only found in Tanzania," Mr. Harebottle explained.
The chairperson of the parliamentary committee Jenister Mhagama said the government appreciated role of TanzaniteOne in the national economic growth and support to the surrounding communities.
She said the government has opened doors for investors in order to improve the economic condition of the people through employment and poverty alleviation.
The firm has spent over Sh. 500 million in the last five years by supporting the local communities in Simanjiro district through water supply, construction of schools and health services.
