Stock Exchanges News
- New CEO announced for Dar es Salaam Stock Exchange 2 May 2013
Tanzanian news media yesterday (1 May) released the news that 37-year old Moremi Marwa has been appointed as the new CEO of the Dar es Salaam Stock Exchange (www.dse.co.tz). According to this news report on Tanzania Daily News, Marwa was selected by the DSE governing board in mid-March, after the post had been advertised earlier (see this blog post), and is the first stockbroker to manage the East African securities exchange.
He is scheduled to take up his post in mid-May, He replaces Gabriel Kitua, who resigned early in 2013 and will be the fourth CEO since the DSE began operations in April 1998. At the time of writing the news is not yet confirmed on the DSE website (1 May was holiday).
Mr Marwa was the Director and Chief Executive Officer for stockbroker Tanzania Securities Ltd. According to this bio on the TSL website, he was responsible for executing the licensed brokerage’s corporate strategy and investment policy and for discretionary mandates.
“Before he joined Tanzania Securities Limited in September 2010, Moremi was a Senior Manager in Ernst & Young’s Transaction Advisory Services. He has a significant corporate finance and investment advisory experience and has worked with a number of major clients both in the public and private sector.”
Before E&Y he was with Deloitte & Touche in Corporate Finance Services since 2006 as a business analyst. His accounting career included managing assignments such as corporate finance structuring, capital raising, transactions support, syndicated loans structuring and reviews, valuations and financial modeling, feasibility studies and business plans. His earlier career was with Barclays Bank and Bank of Africa.
Qualifications include being a Certified Public Accountant (CPA), a Masters of Business Administration in Finance (MBA) and a Bachelor of Commerce (B.Com) in Accounting. He also holds the ACI (Financial Markets Association) Treasury Operations Certificate. He is licenced by the Capital Markets & Securities Authority (CMSA) as Authorised Dealers Representative and Authorised Investment Adviser. Moremi is also a Licensed DSE Floor Trader and is a Council Member of the DSE.
Congratulations to Mr Marwa and best wishes to the DSE, well managed in the interim by Mrs Mary Mniwasa.
- Zimbabwe Stock Exchange launches great investor relations (IR) drive 29 April 2013
Congratulations to the Zimbabwe Stock Exchange (www.zimbabwe-stock-exchange.com) on its excellent new website, launched last month, including a very useful listed companies’ data terminal. This is good work by the ZSE team and Rob Stangroom’s work at African Investor Relations and related websites. The site opens up great access to a wide range of Zimbabwean listed companies annual reports, together with trading and other useful data.
Congratulating the ZSE, Zimbabwe’s Minister of Finance, the Honourable Tendai Biti commented: “The ZSE has come of age and it is moving in the right direction with this new functional data portal. It creates a platform for international investors to obtain the latest information on investment opportunities in Zimbabwe, and we are in effect, promoting and branding Zimbabwe properly as an attractive investment destination. There is now more transparency than ever before and stakeholders’ information requirements are being met.” This is quoted in the ZSE press release on the new system
According to a post by Rob: “The new Zimbabwe Stock Exchange website / data portal has a number of unique notable features not least of which is the complete availability of all corporate data, corporate actions and company information – all of it disseminated using push technology and social media (Twitter and Facebook). Notable is the Investorpass function supplied by B2i Technologies in the USA, which enables each registrant to have their own secure repository (for 7 years) of all communications received from the Zimbabwe Stock Exchange.
“The new ZSE data portal has some handy online share charting tools for retail investors to compare the share price performance of the top 10 companies by market capitalization and any companies that are in the same sector. This may not seem significant other than the fact that information like this usually has to be paid for in Africa’s other stock exchanges.”
In the ZSE press release, Mrs Eve Gadzikwa, Chairperson of the ZSE, said: “The ZSE recognises the role of the Internet in communications in investor relations and, as part of our capacity building exercise, we are now able to respond to the needs of stakeholders who have been looking for a mechanism to obtain almost real-time information at the click of a button. Even though our organisation is a small institution, we are adopting a different approach in data dissemination which has meant a significant input into data collection, implementing functionality that ensures we achieve our objectives. We have teamed up with www.africanfinancials.com , Africa’s largest portal of online annual reports, to ensure that every annual report is available for viewing and download online immediately it is released. This is not something done in other markets. Compared with other data portal sites in Africa, ours is undoubtedly a notch above the rest.”
“Certainly, from a cost perspective, we can do away with hardcopy communications, which will save listed companies a significant amount of money and increase efficiency. On our side is international online investor relations precedent and best practice, high Internet penetration in Zimbabwe, so the pillars are there and it is a case of us getting online experience and taking it from there,” she said.
CEO of the SEC, Tafadzwa Chinamo, said he is impressed that the ZSE is now in control of its information and in charge of communicating relevant data to its stakeholders. “We can see that the necessary steps have been taken to ensure the ZSE’s online information dissemination is of a high standard and as a regulatory body, we look forward to the continued progress the Exchange will undoubtedly make in disseminating information timeously to all its stakeholders.”
According to Rob: “My involvement in online investor relations in Zimbabwe over the past 5 years has been rewarding and the launch of the ZSE Data Portal the pinnacle of this journey. I look forward to taking our integrated communications services to more listed companies and want to urge investors to consider Zimbabwean listed companies as an investment opportunity. In the ZSE Data Portal stakeholders in Zimbabwe now have a comprehensive tool to make more informed investment decisions.
Martin Matanda, Acting CEO of the ZSE, added: “The exchange is pursuing a bigger picture than just efficient information dissemination. It will be moving to a fully electronic communications’ platform.
View the ZSE data portal on www.zimbabwe-stock-exchange.com.
In January Rob’s team announced that stock exchange information was available on smart phones. The African IR App is a smartphone application that allows African stock-exchange-traded companies to optimize their investor relations (“IR”) content for iPhone, iPad and Android mobile devices. The African IR App is powered by the IRapp™, the leading investor relations app platform engine. He said that 8%-10% of investor relations website traffic came from smartphones.
- Zimbabwe Stock Exchange terminates 3 listings 29 April 2013
The Zimbabwe Stock Exchange (www.zimbabwe-stock-exchange.com) has informed investors and the public in a press release that it has terminated the listings of 3 companies with effect from 23 Apr 2013. In terms of Section 1.18 of the ZSE listing rules, they cannot be traded on the ZSE official list again. The companies are:
Barbican Holdings Limited
The Company was suspended in 2004 following the closure of the Company’s banking subsidiary by the Central Bank. Since then, Barbican Holdings has failed to meet its continuing obligations. No response has been received from the principals of Barbican Holdings Limited at the last known address.
The Company was suspended in 2004 following a material adverse event in a Zambian subsidiary. Since then, TZI Limited has failed to meet its continuing obligations. No response has been received from the principals of TZI Limited at the last known address.
Red Star Holdings Limited
The Company requested for a suspension rather than a delisting at the time of the conclusion of a Scheme of Arrangement within the group. Since then, there has been no report of progress on the purpose of which the suspension was made. Consequently, a decision to terminate has been made.
The order was announced by the Interim Board of the ZSE.
- Egyptian Exchange holds workshops with mutual funds to boost liquidity 25 April 2013
The Egyptian Exchange (www.egx.com.eg) is busy with workshops for mutual funds, investment banks and managers of investment institutions, aiming to boost trading volumes through better communications between market participants and listed companies.
The workshops gave investor relations (IR) officials of the listed companies a chance to present their work plans and investment options and the fund managers could also discuss latest developments and current market variables.
According to an EGX press release, Dr. Mohammed Omran, EGX Chairman, said the EGX is keen to boost stock market liquidity. Fund managers praised the communication with listed companies and said it adds to the disclosure provided by EGX. It gives a legal framework for officials of listed companies to answer questions from the institutional investors.
This is a high priority in the current Egyptian economy where all market participants need to work hard to keep the Egyptian Exchange strong and active capital market in the short and medium term.
- Stock exchange CEO wanted 11 February 2013
The Dar es Salaam Stock Exchange is advertising for a new CEO, see here on the DSE website for the job advertisement. The deadline is this Friday, 15 February.
The contract of the previous CEO Gabriel Kitua, expired on 31 January. Gabriel is recommended from my own experience, as a firm and results-oriented manager with vision who had the drive and hard work to make it happen. He read reports carefully and made constructive inputs and he was also pragmatic and believed in progress. We wish him all the best going forward.
Pending the new appointment, the DSE is in the capable hands of Mary Mniwasa, a lawyer who has served the DSE for long as Corporate Affairs Manager and Legal Counsel, including many key strategic and management processes.
Dar es Salaam and the Tanzanian economy are both booming with much growth still to come. The people and place are very pleasant. Closer links across the East African community are hotting up the pace of progress, modernization and integration. The DSE and its key stakeholders, the Capital Markets and Securities Authority, the Bank of Tanzania, the Government, issuers, stockbrokers and investors, are pushing processes of modernization and change including a demutualization strategy and an ambitious 5-year plan.
We wish them all the luck with the recruitment process.