CROSS LISTING COMES FULL CIRCLE
Nation Media Group listed its shares on the Dar es Salaam Stock Exchange on Monday February 21, 2011 at 10 am on the floor of the exchange. Nation Media Group limited will on Monday, 21st February 2011 list all its shares on the Dar es Salaam Stock Exchange at 10am on the floor of the exchange. This comes following approvals given earlier in the month by the Capital Markets and Securities Authority and the Dar es Salaam Stock Exchange (DSE) to list on the bourse.
The approval for cross listing of the Nation Media Group (NMG) shares across East Africa was passed by the company’s shareholders during the Annual General Meeting (AGM) on May 19, 2011.
During the AGM, the shareholders passed a special resolution to offer the NMG shares to investors trading on the Uganda Securities Exchange (USE), the Dar es Salaam Stock Exchange(DSE) and the Rwanda Over The Counter(ROTC) Market. Effectively, this paved way for the cross listing of 157,118,572 shares. Nation Media Group in turn issued ordinary shares of the company to the Official List of the DSE under the abbreviation ‘NMG’. Consequently, the company shares were in turn listed on the USE and the ROTC Market in October and November respectively last year.
Ordinary shares of the company on the DSE commenced soon after the listing on the DSE, with the ordinary shares of the company having a nominal or par value of KShs.2.50 each and rank pari-passu with the right to participate in all future dividends declared and paid on the ordinary share capital of the company. Nation Media Group has been listed on the Nairobi Stock Exchange since 1973, boasting of a tradition of profitability and growth. The opening price was determined by the prevailing closing price at the Nairobi Stock Exchange and the applicable exchange rates between the Kenya and Tanzania Shillings as of Friday February 18, 2011 prior to the cross listing event.
The cross listing of NMG’s shares on the DSE have contributed towards enhancing the profile of the company in Tanzania as well as enabling Tanzanian investors to have a share in NMG’s vision as shareholders of the company. Furthermore, the emergence of capital markets growth in Tanzania has largely been linked to the number of cross listings as well as other growth parameters at the DSE. Over and above, the cross listing has contributed towards the fostering of the East African Community Common Market Protocol ideals.
Nation Media Group currently trades inter alia in Tanzania through its subsidiary company Mwananchi Communications Limited, which publishes two Kiswahili newspapers(Mwananchi and Mwanaspoti) as well as one English newspaper The Citizen the leading English daily in Tanzania. The company also boasts of two bureau offices in Dar es Salaam and Arusha for The East African, the region’s authoritative weekly publication.