{"id":43616,"date":"2021-12-21T16:59:34","date_gmt":"2021-12-21T16:59:34","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=43616"},"modified":"2021-12-21T14:59:43","modified_gmt":"2021-12-21T14:59:43","slug":"tanga-cement-share-price-rises-192-percent-at-dse","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-cement-share-price-rises-192-percent-at-dse","title":{"rendered":"Tanga Cement share price rises 192 percent at DSE"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Dar es Salaam. The price of Tanga Cement shares has increased by 192 percent since its proposed acquisition by Scancem International DA (Scancem) was announced in October this year<\/p>\n

On October 26, 2021 when the proposal was announced, Tanga Cement shares were trading at Sh410 – but gained nearly three times,reaching Sh1,200 last Friday.<\/p>\n

The improvement in the value of the firm\u2019s stock may be attributed to the excitement about the acquisition deal that involves the Scancem International DA (Scancem), a subsidiary of Heidelberg Cement AG, which owns another cement manufacturer, the Tanzania Portland Cement (Twiga Cement).<\/p>\n

According to the analysis by the brokerage firm Zan Securities, the investors\u2019 anticipation has also pushed the company\u2019s market capitalisation by Sh47.76 billion to Sh76.41 billion last week.<\/p>\n

Zan Securities chief executive Raphael Masumbuko said the increased activities in Tanga Cement shares are expected to continue between now and the closing of the deal, tentatively set for the second quarter of 2022.<\/p>\n

\u201cHowever, we do foresee a future stall in the shares price, as existing shareholders would have gained considerably in their share value deeming comfortable for them to sell. On the other hand, new investors will hesitate to buy the stock as it reaches within ranges of the indicative acquisition price of Sh3,157,\u201d he said.<\/p>\n

The two companies – Twiga and Tanga Cement – are both listed on the Dar es Salaam Stock Exchange (DSE). However, in terms of performance, they are poles apart, with Twiga Cement reporting growth in profit-after-tax for four years in a row, a fate dissimilar in Tanga Cement that has recorded net losses in four years running since 2017 – and, subsequently, failing to pay dividends to its shareholders.<\/p>\n

Afrisam – which currently holds 68.3 percent stake in Tanga Cement – said in a statement that if the Acquisition becomes unconditional, and is implemented, Scancem will acquire control of the company.<\/p>\n

If this occurs, Scancem will, after the final Acquisition Price is determined, make a general offer to acquire the remaining shares in Tanga (\u201cthe General Offer\u201d).<\/p>\n

However, the company put forth a word of caution to its shareholders when dealing in their Tanga Cement shares as there can be no certainty that all conditions will be fulfilled, or waived timeously – making the success of the acquisition still subject to conditions. Therefore, there is no certainty that the General Offer will be made.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Dar es Salaam. The price of Tanga Cement shares has increased by 192 percent since its proposed acquisition by Scancem International DA (Scancem) was announced in October this year On October 26, 2021 when the proposal was announced, Tanga Cement shares were trading at Sh410 – but gained nearly three times,reaching Sh1,200 […]<\/p>\n","protected":false},"author":84,"featured_media":43615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-43616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nTanga Cement share price rises 192 percent at DSE - Tanzania<\/title>\n<meta name=\"description\" content=\"Dar es Salaam. 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