TANZANIA: 300 FIRMS EXPECTED IN TOP 100 MID-SIZED COMPANIES SURVEY

Mwananchi Communications Limited managing director Francis Nanai speaks during Top 100 Mid-sized Companies Survey update on Wednesday in Dar es Salaam. Seated from left are Patrick Wanjala from Research Solution Africa, KPMG director David Gachewa, Bank M deputy chief executive officer Jacqueline Woiso and Dar es Salaam Stock Exchange finance chief Ibrahim Mshindo.

Dar es Salaam. The Top 100 Mid-sized Companies Survey has entered the fourth phase with increased participation of upcountry businesses by 30 per cent.

While last year there were 200 respondents for participation, this year is expected to have about 300 participating companies in the grand award event which will take place at Mlimani City on November 28, according to KPMG director David Gachewa.

Briefing the media on Wednesday, Mr Gachewa said so far 110 companies had completed the application process. The deadline for application is November 7. “Winners of the renowned Tanzania Top 100 Mid-sized Companies Survey will be announced next month during a grand award event to be held on November 28. On November 27 there will be a conference for participants,” he said. Mwananchi Communications Limited (MCL) managing director Francis Nanai called upon more companies to apply for participation for Tanzania to attain a strong pool of local entrepreneurs.

“We commend Bank M for sponsoring this programme and we also commend upcountry companies, especially those from the Lake Zone and Northern regions for increasing participation. We call upon more companies to participate,” said Mr Nanai. According to him, criteria for participation include possession of a turnover from Sh1 billion and Sh20 billion, not listed on the stock market and running businesses in all sectors of the economy except a bank. He listed five advantages for participating in the Top 100 Mid-sized Companies Survey as having an opportunity to expand capital base, promote business, access to consultancy services, access to strong market base in East Africa and networking with other entrepreneurs.

Bank M deputy chief executive officer Jacqueline Woiso said they had joined hands with KPMG and MCL in that project with the aim of supporting the growth of mid-sized companies with subsequent economic growth. Other sponsors who have joined hands are the Dar es Salaam Stock Exchange (DSE), Azam Media and Kuza Biashara, while Research Solutions is the main consultant.

DSE finance chief Ibrahim Mshindo said the bourse had been encouraging Tanzanians to use such opportunities offered by such projects to participate in the stock market.

The Citizen