VODACOM BOSS EXPLAINS WHY COMPANIES ARE NOT DOING VERY WELL AT DAR BOURSE - FINANCIAL-24
Vodacom Tanzania managing director, Mr Ian Ferrao
Dar es Salaam. The awareness of stock market operations is still low among Tanzanians, a business leader has said, noting that the situation is adversely impacting on the performance of various equities at the Dar es Salaam Stock Exchange (DSE).
Speaking to The Citizen on sidelines of a meeting the monthly gathering for members of Chief Executive Officers roundtable (CEOrt), the Vodacom Tanzania managing director, Mr Ian Ferrao said what is happening at the stock market is largely a reflection of a lack of awareness about the subject.
The company – which was listed on the DSE on August 15 after undertaking a Sh475 billion Initial Public Offering (IPO) – has seen its share price going down from Sh850 during the initial share sale to Sh770 as of yesterday.
“We are still struggling…a lot has to be done in line with investors’ awareness about understanding the market,” noted Mr Ferrao.
He said the company was now investing much of its efforts in educating retail investors about investing in shares.
“We are conducting investors’ roadshows to generate excitement and interest in the trading of shares,” he said.
The company, he said, was also issuing out press releases to create investors’ awareness on share trading.
"We want to educate both local and foreign investors on why they should invest in our shares and how to do it wisely,” he said.
The Zan Securities chief executive officer, Mr Masumbuko said Vodacom’s trading volume at the bourse was still very low compared to the size of the company.
“The trend is against our expectation when the company was being listed at the bourse…However, I am optimistic that the situation will go high as investors are still watching the movement closely,” noted Mr Masumbuko.
The Citizen
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