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CORE Securities Limited closes DCB Commercial Bank PLC Rights Issue |
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In another ground-breaking initiative on the DSE, CORE Securities Limited obtained the Regulator's note to close the Rights Issue of the former Dar es Salaam Community Bank PLC that began with the DCB Capitalisation and Rights Issue Memorandum on 28 September 2012.
The transaction began with a bonus issue that was approved by the Annual General Meeting of 26 may 2012 that resolved that the bank raise funds to recapitalise itself via a 1-for-1 rights issue at the specially discounted price at then then market price of TZS 640. The idea was that this would raise some TZS 14,648,221,319 for the bank that would, along with the entailing share premiums, take its issued and paid up capital to TZS 19,273,975,420 and the total core capital to higher levels that allowed DCB to scale up from a community bank to a fully fledged commercial bank with operations scattered allver the Nation. The bank was then renamed DCB Commercial Bank PLC.
The transaction was structured in line with the provisions of the Capital Markets and Securities capitalisation and Rights issue) Regulations 2000, with a few cost-saving exceptions. First, there would be no market for the sale of rights and any shareholder failing to take up their entitlements within the set up time would simply see their rights lapse. The lapsed shares, in turn, would then be available for purchase by any other shareholder over a period of another 2 weeks. The transaction was seen as a resounding success, with 72% subscription prior to the sale of the lapsed shares and 76% at closure. The anchor shareholders (the Dar es Salaam municipalities and the City council, as well as the UTT, together holding 42% of the stock) were all able to take their entitlements in full but none of them participated in the mini-IPO |
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CORE Securities Limited launches Research Unit |
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Following longrunning sttaregic cooperation, CORE Securtities Limited has at long last been able to put its reserach unit into operation, headed by Edwine Mahenge. After 3 weeks hands-on technical assistance from Nii Ampa-Sowa of Databank in Ghana, paying client visits and putting together a database of key preforamnce indicators at macro and micro level, CORE launched its first report on 28 November 2012, initiating research on TOL Gases PLC. A valuation of TZS 315 giving an upside of about 21% on the then market price, with a recommendation for a SPECULATIVE BUY.
The launch as made by Mr Nehemiah Mchechu, CEO of the National Housing Corporation, a season business entrepreneur and renowned banker. At a well-attended launch Dinner at the Holiday Inn in Dar es Salaam, Mr Mchechu said that this is the kind of activity that Tanzania's capital markets have been crying for for many years. It was time, he said, that the previous culture where brokers stood idly by waiting for privatisations from the Government. He hoped that this would be a prelude to the regular coverages across indistries that would see more and more comapnies coming up for listing.
More about this is to be found in the downloads on the Services page, including the TOL research.
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Dealing on the Stock Exchange |
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Brokerage services
We provide services where our clients - individuals or corporates - can buy and sell their shares through the Dar es Salaam Stock Exchange. For most knowledgeable investors, this primarily means actioning their instructions.
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Statement of mission and core values |
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We dedicate ourselves to being the leading brokerage and provider of investment advisory services in capital markets in Tanzania and the SADC Region. In all we do, we shall be guided by the following core principles:
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 Confidential and courteous service to our clients, founded upon tact and mutual trust. Their prosperity is our prosperity. We encourage them to think big, begin small, begin now.
Opportunities will be sought and actively pursued, to give our clients optimal return on their investment. Diversified portfolios will be tailor-made for each client to suit their individual financial objectives and attitude towards risk.
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 Research will guide all our actions: research on macro-economic indicators, research on market performance: all combined with an innovative approach that anticipates and addresses each client´s circumstances. Research bulletins will be availed to clients directly or through our as part of normal service.
Ethics in business: always putting the client´s interests first, adhering to the strictest code of ethical behaviour that emphasizes competitive commissions and value-for-money. We try to avoid conflict-of-interest positions in all we do.
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Our Experience |
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Capability Statement
CORE Securities Limited was first licensed by the Capital Markets and Securities Authority (CMSA) as “Investment Advisor’ on 2nd March 1998. On 1st July 1999, the Company was given the stock broking coveted license for “dealing in securities’ and was simultaneously admitted as a Licensed Dealing Member of the Dar es Salaam Stock Exchange, number D-007, on 20, July 1999.
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