Youth-led agribusiness company, JATU Plc, has recorded 10,000 new investors through its just-closed Initial Public Offering (IPO) as it moves to register its shares on the Dar es Salaam Stock Exchange (DSE), Tanzania.
JATU’s Managing Director Peter Isare made the announcement and said in the IPO they targeted to sell 15 million shares at 500/- each but sold 15,526,372 shares, equivalent to the performance by 104%. It has managed to raise 17.7bn/- which is above the target of raising 17.5bn/- as capital to invest in commercial farming.
Company focus
“Over the weekend, we are glad that in the IPO we managed to attract over 10,000 new investors after doing extensive public awareness countrywide,” said Mr Isare.
Out of the total investors, about 99% of them are Tanzanians while only five are foreign investors. Mr Isare called upon the members of the JATU to continue using the DSE to buy more shares of the company to alleviate poverty. The capital will be injected into commercial farming and setting up processing factories to add value to agricultural produce. The company will focus on crops that have high demand within the country, including maize, sunflower and rice as well as investing in modern farm equipment such as tractors.
){kind=link}
[…] Source link […]
Comments are closed.