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Title : Mbeya opt for DSE
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Mbeya opt for DSE
Mbeya City Council has formed a company entrusting its football team, Mbeya City to a company. The move enables Mbeya City Council to own 50 per cent of shares while the remaining 50 per cent will be owned by the shareholders.Mbeya City team’s General Secretary, Emmanuel Kimbe, unveiled yesterday in a meeting to discuss the team’s development strategies and challenges, where it was reached a decision to entrust it to the public who will own the club by buying shares.
He said currently the club faces financial constraints in daily operations due to the decline in sources of revenues in Mbeya City Council. He said they were obliged to find new approaches which will enable stakeholders to invest in the club.
Kimbe said since the government cannot list in the stock market, the City Council has decided to create a company known as Mbeya City Football Club Limited Company eligible to market the team’s shares to the public.
“We are in the final stages of listing the club into the stock market and soon our shares will be in the market, with the aim to sell over 50 per cent of shares to the public,” he said. Mbeya City become the second Premier League club to sell its shares to the public after Simba, though in a slight different approach.
However, Kimbe said they are yet to decide the kind of investment, but the plan is to sell over 50 per cent of shares.
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