Rock City Mall pays shareholders 1.19bn/- dividend

DODOMA: MWANZA Rock City Company Limited (MRC), owner of Rock City Mall, has paid dividends totalling 1.189bn/- to its three shareholders: the Public Service Social Security Fund (PSSSF), Mwanza City Council and Ilemela Municipal Council.

PSSSF will receive 1.07bn/-, while Mwanza City Council and Ilemela Municipal Council will receive 71.34m/- and 47.56m/-, respectively.

The dividends were handed over in Dodoma yesterday at a ceremony where Minister of State in the Prime Minister’s Office (Labour, Employment and Relations), Mr Deus Sangu, directed social security funds to prioritise secure and productive investments to protect members’ contributions and their financial security after retirement.

Mr Sangu said members entrusted the funds with their savings expecting them to remain safe and generate returns.

Mr Deus Sangu

“Under the leadership and vision of President Dr Samia Suluhu Hassan, we assure members that their money will remain safe through investments in productive areas,” he said.

He also directed the company’s management to ensure timely rent collection and address outstanding debts, noting that sound financial controls were essential to the success of commercial investments.

He said public-private partnerships could stimulate economic growth and create jobs.

PSSSF Director General Fortunatus Magambo said the fund invested to preserve the value of members’ contributions and ensure retirement benefits exceeded what members had paid in.

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PSSSF Director General Fortunatus Magambo

By September this year, he said, the fund’s investments had reached 14tri/- and its total assets stood at 16.75tri/-. Mr Magambo pledged continued effective management of Rock City Mall to attract more customers and sustain its position as a major commercial centre in Mwanza.

Rock City Mall Manager Anette Shoo said the payout reflected returns generated through sound management and lawful company decisions, strengthening shareholders’ confidence in the investment.

Rock City Mall Manager Anette Shoo

She said the mall was 98 per cent occupied and supported more than 1,000 people through permanent and temporary employment, particularly young people.

Ms Shoo said the company would prioritise timely maintenance, infrastructure improvements, better services and stronger relationships with tenants to remain competitive and increase returns to shareholders.

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