Struggling Jatu Plc turns to Dutch consultant
The Jatu board chairman, Eng. Zaipuna Yonah, addresses reporters in Dar es Salaam yesterday. He is with Ben Philipines, a Dutch expert in finance, projects, and business (centre) and acting head of Jatu Mohamed Simbano. PHOTO | MICHAEL MATEMANGA
What you need to know:
- The company claims that a senior business consultant from the Netherlands will help it with matters including creating an action plan for its business and addressing present concerns with financial management and organisational administration
Dar es Salaam. Jatu Plc, a company listed on the Dar es Salaam Stock Exchange (DSE), announced Monday that it had hired a consultant to assist with the management and financial restraint of the struggling company.
The company claims that a senior business consultant from the Netherlands will help it with matters including creating an action plan for its business and addressing present concerns with financial management and organisational administration.
This comes after the former chief executive officer of the company, Mr Peter Isare, was charged with Sh5.1 billion in money fraud.
Following his arrest, Mr Mohamed Simbano, who had served as the company's general manager, is currently serving as acting chief executive.
In remarks made yesterday, Mr Simbano stated that a senior expert from the Netherlands will assist the company's assessment process within the next two weeks.
The expert, Mr Ben Philipsen, is one of the Dutch professionals who voluntarily devote their considerable experience advising businesses in developing countries and emerging markets.
“He will join a team of financial experts from Luzane Financing and InterCapital Advisory services in partnership with SSC Capital in preparing an action plan that will foresee the growth of company capital and repayment of all debts,” he said.
Mr Simbano said the company will also involve stakeholders in the financial markets including shareholders, farmers, financial advisors and government in order to finalise the reformation process.
Jatu’s board chairman Zaipuna Obed Yonnah said while company’s reputation has been negatively affected by the ongoing legal troubles, they would guarantee investors of their investments.
“Jatu had international visions and mission and we would like to emphasize that the company is still active on the vission, nothing will be lost and we are constantly making sure of that,” he said.
The Jatu claim that in 2023 a large portion of their efforts would be focused on enhancing commercial and agricultural operations, which are essential steps to boost income and lessen debt-related burdens.
The local business, which also operates in marketplaces and industries, was established on October 20, 2016, and on November 23, 2020, it formally joined the Dar es Salaam Stock Exchange.
The corporate equity capital at the exchange as of Monday, January 2, 2022, was reported at Sh18 billion, notwithstanding the current share price of Sh290.
