NMG set to list on Dar stock exchange

Monday February 21 2011

By Victor Juma

Nation Media Group is set to cross-list on the Dar es Salaam Stock Exchange today, the company said in a statement.

The cross-listing and trading of the shares in Tanzania comes after it received regulatory approvals from the Capital Markets and Securities Authority and the DSE.

Last year, NMG cross-listed its shares on the Uganda and Rwandan exchanges.
The cross-listing is expected to boost the stock markets’ liquidity, allowing in new investors.

All the 157.1 million shares in issue will be listed on the DSE under the abbreviation “NMG”.

Each share has a nominal or par value of Shs70 each and will be eligible for future dividends on the ordinary share capital of the company.

The opening price on the DSE will be determined by the closing price at the Nairobi Stock Exchange and the applicable exchange rates between the Kenya and Tanzania shillings at close of business on Friday.

NMG trades in Tanzania under its subsidiary company Mwananchi Communications Limited which publishes Mwananchi, Mwanaspoti and The Citizen newspapers.
In Kenya, NMG publishes the Daily Nation, The East African, Taifa Leo, and the Business Daily newspapers and runs two radio stations, Easy FM and QFM and two TV stations, NTV and E Africa.

In Uganda, it operates a television station while the company’s subsidiary Monitor Publications publishes runs The Monitor, My Wedding Magazine and the Monitor Telephone Directory and operates KFM.

NMG, East Africa’s largest media house, has been listed on the Nairobi Stock Exchange since 1973 and has been posting impressive year-on-year performances.

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