National Investment Company Limited (“NICOL” or “Company”) is a publicly listed company incorporated in the United Republic of Tanzania under the Companies Act 2002 and operates vide certificate of incorporation No 41644 of 27 June 2001. However, trading of the company’s shares in the Dar Es Salaam Stock Exchange was suspended in 2011. NICOL has an authorized share capital of TZS 200 billion dividend into 1.6 billion shares of TZS 125 each; 37,841,218 shares of TZS 125 each have been issued and fully paid.
Incorporation & Initial Public Offerings (IPO)
NICOL was established as a private initiative on 25th June 2003 by a few individuals who raised equity to inaugurate its incorporation and registration. It was initially registered under the acronym NICO, which was later changed (in 2007) to separate itself from other entities that used the same acronym. The second stage of its incorporation saw the establishment organize funds through private placements that attracted 148 shareholders contributing equity capital of 140 Million Tanzania Shillings, as of 13th December 2003. On 6th March 2004 the Board of Directors recommended in the Annual General Meeting (AGM) for public share subscriptions through an Initial Public Offering (IPO) to restructure the capital base. This was prompted by the need to expand NICOL’s capital structure in order to achieve the company’s mission. The IPO would enable the company to make use of untapped investment opportunities and increase shareholders wealth. The AGM approved, and there after NICOL sought and obtained authorization from the Capital Markets and Securities Authority, which ultimately approved for 80 Million shares of NICOL to the public.
