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The plan is to list 31 per cent of shares specifically for Tanzanian investors, with three per cent allocated to local communities and an additional two per cent for local staff, according to the company statement.
A new venture spearheaded by a consortium of American investors is planning to seek local funding through capital markets to build a five-star hotel near the Serengeti National Park.
The hotel will be built at Robanda Village, adjacent to the Fort Ikoma Gate of the iconic Serengeti, according to a statement issued by the company named Maendeleo Hospitality Ventures (MHV). The company said it is now preparing to raise the funding through an initial public offering (IPO) which will have to go through regulatory procedures.
The chairman of MHV, Rishen Patel said that it is now engaging Core Securities Limited – a licensed member of the Dar es Salaam Stock Exchange – to guide it for the IPO. The plan is to list 31 per cent of shares specifically for Tanzanian investors, with three per cent allocated to local communities and an additional two per cent for local staff, according to the company statement.
Core Securities Ltd chief executive officer, George Fumbuka, confirmed the company’s role in facilitating the IPO for MHV. He announced that the company is in advanced discussions to establish an advisory team to navigate the necessary regulatory approvals, aiming for the IPO launch within the next month. The ambitious timeline aligns with the MHV’s goal to inaugurate its luxury hotel by July 2025.
Serengeti is one of Tanzania’s most visited destinations in northern Tanzania. The park is renowned as the arena for the world’s greatest mammal migration. The new hotel seeks to not only bolster Tanzania’s reputation as a top-tier travel destination but also stimulate the local economy.
Preliminary statistics for August 2024 indicate an ambitious uptick to over two million international visitors to Tanzania and about USD 3.5 billion in economic contributions.
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The trend underscores effective governmental initiatives designed to improve infrastructure and promote sustainable tourism practices.
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