AN agribusiness company, Jatu Public Limited Company is planning to raise 7.5bn/- through an initial share offer due this year with a target to invest in irrigation farming in various crops including maize and sunflower.
Jatu Plc which will sell 15 million ordinary share when its IPO starts in mid July and ends at the
end of the same month this year, has already secured 5,000 acres of land in Kiteto district of
Manyara region where it plans to cultivate maize and sunflower.
“So far we have cultivated 500 acres and the money that we will raise through the initial public
offer will be invested in further cultivation of the farm,” said Jatu Plc’s CEO, Peter Isare. Isare
said in Dar es Salaam last week while launching the IPO that the agribusiness company’s shares
will be listed at Dar es Salaam Stock Exchange’s enterprise growth market after the IPO.
“Our shares are selling at 500/- each and we welcome both local and foreign investors to buy a
stake and be part of this promising company,” he bragged while stressing that the next group of
African billionaires will come from agribusiness.
The agribusiness company has 30,000 shareholders across the country so far with 70,000
customers of its commodities with 47,000 acres land so far secured in different regions of the
country. “Through Jatu, over 5,000 smallholders have benefited directly in terms of loans,
farming equipment, training and technical advice,” he said.
In Njombe region, the company has cultivated 500 acres with avocado trees with the first
harvest of fruits expected in three years time. “We target international markets with this
commodity because the market is readily available,” the Jatu Plc chief executive added. The
company also has an orange farm in Handeni district of Tanga region.
“We already have five supermarkets in different parts of the country including Arusha, Dar es
Salaam, Dodoma, Mwanza and Mtwara,” he noted while adding that Jatu shareholders are
assured of getting dividend from profits made.
Seconding Isare’s arguments, Jatu Plc’s Board Chairman, Dr Zaipuna Yonah said the IPO follows
the listing of over 2.16 million ordinary shares worth over 1.08bn/- on DSE’s enterprise growth
market (EGM) window in November last year.
“Since then, the value of Jatu Plc’s shares has increased from 420/- each to 1,160/- currently
which demonstrates that there is a public appetite to invest in the company,” Dr Yonah said. He
revealed that the target is to have farms in all districts of the country and undertake