Troubled JATU appoints Mohamed Simbano as Acting CEO in bid for direction
by
12/08/2022
The Board of Directors of JATU Public Limited Company (JATU PLC) has appointment Mohamed Simbano who has been the company secretary and General Manager since 2016 as the Acting Chief Executive Officer (CEO) as the hunt a new CEO continues.
The Dar es Salaam Stock Exchange (DSE) listed company has recently been engulfed in management – shareholder woes with recent media reports attributing the division to the company’s failure to meet dividend commitments for its shareholders.
The Capital Market and Securities Authority (CMSA) Chief Executive Officer Nicodemus Mkama (center) poses for a photo with the JATU Chief Executive Officer Peter Gasaya (right) whose tenure has ended during a function to list the company on the Dar es Salaam Stock Exchange in 2020. Mohamed Simbano (not in photo) has been appointed as Acting CEO. Photo / courtesy.
During its extra ordinary meeting held on July 25, 2022, the company’s board approved the restructuring of company’s administration and business model.
The Acting CEO and new CEO will be tasked with setting up the firm’s strategy, divesting assets, and restoring investor confidence.
“As part of the implementation of the restructuring of the company, the Board of Directors is hereby announcing the departure of Mr. Peter Isare Gasaya as the Chief Executive 0fficer (CEO) of JATU PLC effective from 1st of August 2022,”the JATU Plc Board Chairman, Eng. Dr. Zaipuna Obed Yonnah said in a statement.
The board thanked Gasaya for his efforts, passion and commitment during his six years of leadership of at JATU Since 2016.
“We wish him all the best in his new role as will be further announced by the company,” the statement said.
The board called upon competent candidates to apply for the senior positions as announced by the company through the public notice published on 27 July 2022.
JATU which was officially registered in 2016, was originally listed on the Dar es Salaam Stock Exchange (DSE) in November, 2020 listing 2.1 million shares and issued an additional 15 million ordinary shares through an Initial Public Offering (IPO) in June 2021.
During the IPO, its shares were offered at a price of 500/- per share but the company’s share price depreciated by 18 per cent closing at 410/-at the last day of trading last year.
The company’s share price surged more than 58 per cent during the first week of trading at the DSE last year with analysts predicting a positive outlook for the company due to its unique and innovative business model.
Disaster has since the beginning of this year strike with the company’s share price plummeting closing at 300/-during last week’s trading session.
Stock analysts however attribute the fall in JATU share price to bad investor sentiments, which has created panic in the market.
