Millicom Tanzania (Tigo), the local mobile unit of Millicom International Cellular (MIC), is finalising plans to hold an initial public offering (IPO). Financial Times reports that Tigo has completed its legal conversion from a private limited company to a public limited company known as MIC Tanzania PLC. The report adds that the Capital Markets and Securities Authority (CMSA) is in the final stages of processing Tigo’s IPO prospectus.
In June 2016 an amendment to the Electronic and Postal Communications Act of 2010 made it a legal requirement for the country’s telecoms operators to float 25% of their shares on the Dar es Salaam Stock Exchange (DSE), but Tigo’s listing process was delayed last year amid a shareholder dispute, which was resolved in August 2018. Mobile market leader Vodacom Tanzania was the first – and remains the only – operator to meet the requirements, having concluded its IPO in August last year.