Dar es Salaam. Former lawmaker and prominent entrepreneur Mr Lawrence Masha has quit the board of Tanga Cement Company Limited (TCPLC), ending a career that spanned more than nine years at the Dar bourse-listed company.A statement by the cement manufacturer to the Dar es Salaam Stock Exchange (DSE) said the Deputy Chairman, Mr Patrick Rutabanzibwa had replaced Mr Masha in board changes that took effect immediately.
“Shareholders are advised that Tanga Cement PLC announced today that the Chairman of the Board, Mr. Lawrence Masha, resigned from his position with effect from December 15, 2022, having spent nine years on the Board of the Company, to be able to commit to a new opportunity,” Tanga Cement said in a statement to the DSE.
His exit from the board comes in a year that saw a flop of Sh137.33 billion takeover deal from the parent company of a fellow local cement maker Twiga Cement, which wanted to acquire a controlling stake at Tanga Cement.
In October 2021, Scancem International DA (Scancem) – a subsidiary of Heidelberg Cement AG, which owns Twiga Cement – and AfriSam Mauritius Investment Holdings Limited, owner of Tanga Cement, issued a joint statement that they had finalised the terms upon which the former would acquire a 68.33 percent stake in Tanga Cement.
However a year later, in October 2022 Fair Competition Tribunal (FCT) blocked the planned merger because it was contrary to the law as it would have created a position of market dominance by the merging firms in a post-merger scenario.
Tanga Cement whose stocks are currently traded at Sh1, 100 per share announced a profit for the first time since 2016, at Sh3.54 billion net profit in the year that ended December 2021.
The firm did not have a good year in 2022 because of the market headwinds, causing profits to nosedive.
By September 2022, the manufacturer revealed that it has reduced it’s a loss to Sh1.41 billion, from a net loss of Sh2.44 billion that was recorded at the end of the second quarter in June 2022.
The former minister and Member of Parliament for the Nyamagana constituency Mr Masha is currently listed as the founding partner and managing partner – Gabriel & Co. Attorneys at Law.
He previously had served at the Home Affairs ministry for two-four years, first as a deputy minister from October 2006-February 2008 and later as a minister for two years from February 2008 to October 2010 before he was left out when President Jakaya Kikwete formed a new Cabinet on his re-election for a fresh five-year term.
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The EU Air Safety List includes airlines that fail to meet international safety standards. Commissioner Tzitzikostas emphasized the importance of passenger safety, stating: “The decision to include Air Tanzania in the EU Air Safety List underscores our unwavering commitment to ensuring the highest safety standards. We strongly urge Air Tanzania to take swift action to address these safety issues. The Commission has offered its assistance to Tanzanian authorities to enhance safety performance and achieve compliance with international aviation standards.”
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Source: allafrica.com
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
