Tanzania: Foreign share limit to be lifted

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TANZANIA is studying proposals to scrap limits on foreign share ownership, providing a further spur to Africa’s best-performing equities gauge, the Tanzania Stocks Index. Plans by the Capital Markets and Securities Authority to change rules that cap foreign holdings of listed firms to 60 percent were with Tanzania’s finance ministry for approval, Charles Shirima, a spokesman at the regulator in Dar es Salaam, said on Monday. The amendments would be implemented by year-end. “The lifting of the restriction will definitely improve liquidity in the market, which may see the rally continuing,” strategist Andrew Shultz at Imara Africa Securities said. Tanzania “is the Africa growth story – a young and growing population, rapidly urbanising.” – Bloomberg

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