This relates to the news reports recently being disseminated in print and electronic media
indicating that Honorable Luhaga Mpina (MP), Minister for Livestock and Fisheries revoked
the Assets Sale Agreement between the said Ministry and NICOL on the grounds that NICOL
failed to comply with some of the conditions in the said agreement. Furthermore, the
Honorable Minister is reported to have ordered the immediate take-over of Tanzania Meat
Company Ltd (TMCL) by the Ministry of Livestock and Fisheries, and the payment by NICOL of
a total of TZS 15 billion to the Ministry and Tanzania Meat Company Ltd.
In order to avoid confusion, NICOL hereby wishes to clarify that Tanzania Meat Company Ltd is an independent legal entity incorporated under the Companies Act R.E 2002 (Registration No.66751), with its own Board and management. As of now, TMCL has two shareholders; namely, National Investments Plc (NICOL) as majority shareholder with a 51% stake, and National Ranching Company (NARCO) - representing the Ministry of Livestock and Fisheries - with a 49% stake. Under the law, shareholders are not allowed to manage a company, and at no time has NICOL ever done so with respect to Tanzania Meat Company Ltd. Consequently, the information disseminated alleging that NICOL had been managing Tanzania Meat Company Ltd was incorrect, misleading and legally untenable.
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