Tanzania: Investment Centre Hails Investors in Tobacco

Source from:  Tanzania Daily News (Dar es Salaam) 03/25/2013

THE Tanzania Investment Centre (TIC) has commended firms that managed to turn around ailing privatised former state-owned companies through injection of massive investment.
 
TIC Investment Facilitation Director, Ms Nakuala Senzia, made the remarks on Wednesday, during a tour of members of the Parliamentary Standing Committee on Economy, Industries and Trade at the Morogoro-based Universal Corporation Inc.
 
The Universal Corporation Inc, the World's largest tobacco leaf dealer, owns Tanzania Tobacco Processors Limited (TTPL) and Tanzania Leaf Tobacco Company (TLTC).
 
"TLTC is now doing a good job....Other investors and especially those who have turned the privatised factories into warehouses should learn from this firm," she said. The US firm took over the company 16 years ago and invested over 72bn/-, according to the TLTC Group Legal and Corporate Affairs Director, Mr Richard Sinamtwa.
 
The funds were spent on construction and renovation of agro processing amenities, storage facilities, head office, staff houses, up-country warehouses and auxiliary equipment including vehicles, motor bikes and office equipment. As of 2010, TTPL had a total 210 permanent staff, 1,914 seasonal casual labourers.
 
TIC also commended the firm for providing extension services which are in line with sustenance of the environment and has Centres of excellences in Urambo in Tabora, Lupa- Tingatinga in Chunya and Likenangena in Ruvuma. The chairman of the Bunge Committee, Mr Mahmoud Hassan Mgimwa, promised to continue supporting the company to resolve challenges the firm faces. Enditem