Mohamed Enterprises Tanzania Limited (MeTL) Group has secured a $200 million

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Dar company gets Sh331 billion loan facility for trade expansion




MeTL chief executive officer Mohammed Dewji.PHOTO|FILE


The new loan was arranged by Rand Merchant Bank (RMB), which is the investment banking unit of South Africa's FirstRand Ltd that transacted a similar deal that was worth $7.5 million in 2007. Last year, the financing facility was enhanced to $100 million.


Dar es Salaam. Mohamed Enterprises Tanzania Limited (MeTL) Group has secured a $200 million financing facility from South African banks for business expansion, the firm said yesterday.

At the official mean price of the dollar on Friday, the loan amounts to some Sh331.34 billion.

About a fortnight ago, the company also secured another syndicated loan worth $66 million (about Sh105.6 billion) making the total financing in less than a month amount to some Sh437 billion.

According to MeTL chief executive officer Mohammed Dewji, this is the kind of finance the group needs to make good money and create more jobs.

"Our view is to have a strong presence in East and Central Africa and our vision is that by 2018 the MeTL Group will have annual revenue of $5 billion (about Sh8 trillion) and employ 100,000 people," a statement quoted Mr Dewji as saying in a speech at the signing ceremony of the new deal in Johannesburg on Friday.

Currently the group's turnover in the 11 countries where it does business in the region amounts to some Sh2.3 trillion annually. It has a workforce of 24,000 people in Tanzania.

The new loan was arranged by Rand Merchant Bank (RMB), which is the investment banking unit of South Africa's FirstRand Ltd that transacted a similar deal that was worth $7.5 million in 2007. Last year, the financing facility was enhanced to $100 million.

"The (new) facility is syndicated with both local and international financial institutions and is one of the largest loan facilities provided for the trading of commodities in East Africa," the Johannesburg-based RMB said in a statement.

The lending institutions that have participated in the latest syndication include Citi Bank, Rabo Bank and Nedbank. RMB trade and working capital senior transactor Ben Bechet said the credit will enhance MeTL's involvement in intra-regional trade and promotion of African commerce. Mr Dewji said that apart from ramping up its commodities trade in and out of East Africa, the loan will also aid the group's manufacturing concerns. The company recently invested $48 million (about Sh77 billion) in a carbonated drinks plant under the ‘MO' brand.

Source: The citizen

C.C Matege GKM
 
good stuff. hasa.hasa on direct employment and its spillovers
 
Hyu dogo familia yake ilikuwa ya wauza ngada hope now watakuwa wanafanya legitimate business
 
Senior Boss said:
Wabongo bwana. Atakuja mwingine atasema freemason huyo. Unacho lack wewe ni financial literacy. #Badilika
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ishu cyo finnancial literacy huo ndyo ukwel Wa hii familia labda km wawe wameacha
 
mwanga lutila said:
Sasa SISI INATUHUSU NINI?
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We mbulumundu lazima umelogwa tu, sio bure. Kila siku mnaongelea kutembea na bahasha hadi viatu vinaisha soli, bado mnashindwa Ku appreciate mtu anapata fursa ya kuwaajiri. Nyie inawahusu habari ya UKAWA na ACT na CCM tu. Hii nchi ina laana, serikali yako inalia kila siku makusanyo hakuna na inaruka ruka kukusanya kodi kwenye bia tu, mtu anaongelea turnover ya $5B limbulumbundu kama wewe unasema haituhusu!! We endelea kuogelea kwenye umaskini wako tu maana siasa za ujamaa na kujitegemea ndio zimewaleta hapo mlipo na saizi mnabakia watazamaji tu kwenye sekta ya uchumi
 
Tanzania ukifanikiwa lazima watakuhusisha na unga, freemason, uchawi,wizi
 
Ndinani said:
Hawa matajiri hawalipi kodi!!!
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Again financial literacy 0%. Kuna tofauti kubwa kati ya tax evasion, tax avoidance, tax exemptions nk. Inategemea na wewe investor una play vp. Usikurupuke kuongea kitu kama huna hakika nacho. Investors wanajua kutumia fursa vizuri to position themselves on profit mode. Unless uwe na envidence ya tuhuma za ufisadi unazotoa. #HebuNendaShule
 
komeka said:
ishu cyo finnancial literacy huo ndyo ukwel Wa hii familia labda km wawe wameacha
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No one knows sijui labda. Ila mfanya biashara wa kueleweka lazma unakuta anakopa hela sio wote ila wengi wao. Financial institutions / Angel investors wako ku partner na ww to make ur dreams and visions a success. A sound business plan/proposal is all u need.
 


chadema agenda yao ni containment ya ACT tuh...haya mengine wanaona illusions tu
 


Mkuu naona umejitahidi sana kutoa shule(asante kwa hilo), tatizo linalowasibu watu wengi ni umaskini wa wa akili mpaka wanawachukia wenye nacho bila sababu ya msingi.
 
Morinyo said:
Mkuu naona umejitahidi sana kutoa shule(asante kwa hilo), tatizo linalowasibu watu wengi ni umaskini wa wa akili mpaka wanawachukia wenye nacho bila sababu ya msingi.
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Knowledge is power but useless if not brought to action. Namshukuru Mungu sana kwa kunipa ufahamu wa mambo mengi katika ulimwengu wa biashara but still najiona sijui kitu, kila siku tunajifunza. Sichoki na sikati tamaa. Sina maana ya kumkufuru Mungu ila its time waTZ tubadilike and invest our energy and time in learning new things that take us to a much better position. Cha msingi ni kua na ufahamu ni vitu gani watu wanaofanikiwa wanafanya ambavyo sisi tusio na mafanikio hatufanyi. Hapa nchini kwetu fursa ziko nyingi mno ukiwa na maarifa kidogo tu unaua tembo kwa ubua.
 

I some how agree with Ndinani most investors in this country have thier ways and means of evading, avoiding and getting tax exemptions. Na ndio maana mzigo mkubwa wa kodi unakuwa kwa mwananchi wa kawaida hana wa kumfanyia lobbying apate exemption, hana cha kuhonga maafisa wa kukusanya kodi atake asitake ataumia tu. If all big companies and organisations paid taxes diligently wananchi tusingeumia kama sasa hivi
 
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Kwa watu wanaojua business they know how hard it is kupata 200M Mkopo. Good Job Mo
 
 
Ndinani said:
Wewe mburula whether it is tax evasion,tax avaidance or tax exemption the end result is the same kuwa kodi hailipwi kwa serikali!!!!! Sijakurupuka bali nina uhakika kuwa wengi wao na huyu ni mmoja wao, hawalipi kodi kwa njia halali au haramu!!
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Hebu jiangalie ulivyokuwa mjinga, mshamba, mpumbav tena unatoa post kwa kishindo kabsa kwamba taxes hazilipwi kwa serikali. Hebu nenda kwenye website ya TIC download Tanzania's Investment Guide kisha kaa tulia uisome wanatoa kila mwaka. Uelewe na kujua grants and incentives serikali yako inayotoa kwa investors. Kisha kasome makabrasha ya TRA kuhusu ulipaji wa kodi unavyokua sio unakuja kuropoka humu kama wanawake wa manzese. After that ndio uje uanzishe mdahalo humu JF. You are the stupid and ignorant one here. Wanaojua issue zinavyokwenda wamekaa kimya. Ukipata mtu anakufuta ujinga uwe na shukrani wakat mwingine, sehem zingine ukija kukaa meza moja na wanaume wanao ijua hela utakuja onekana hanith* !!! Sikilizaga na bunge wakat mwngne (sio la katiba) litakutanua mawazo kwa namna moja au nyingine !!!
 
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