REX has an unrivalled track record in capital markets transactions in Tanzania. The Firm has acted as legal adviser on several of the listings on the Dar es Salaam Stock Exchange (“DSE”). Some of the key highlights in this field include:
Initial Public Offering and Block Sale Transactions:
- Acted as legal advisers in the sale to the general public of 20.7 million ordinary shares, representing 32.5% of the ordinary share capital of a cement company by way of an offer for sale through an Initial Public Offering (“IPO”).
- Acted as legal advisers to a Tanzanian brewery company in relation to the sale of block shares held by another brewery company through the DSE.
- Acted as legal advisers to a leading telecommunication company in the listing of 25% of its authorized share capital through an initial public offer (“IPO”) and listing on the DSE.
- Provided legal advisory services in relation to the cross-listing of a major airline in East Africa at the DSE, the first ever cross listing at the DSE; and
- REX were legal advisers in the cross-border listing of East African Breweries at the DSE, the leading brewery company in East Africa.
REX is a leader in the area of regulatory review and has accumulated experience in corporate and legislative drafting. REX has a record of playing major roles in reviewing laws that generally impact the legal and regulatory regime for doing business to assist corporates in their compliance obligations and in managing business risks by avoiding actions that are restricted or prohibited by law. The Firm has been engaged repeatedly, by Government or other non-governmental entities as well as corporate clients to assist in the review and drafting of legislation and regulations. Notable review and drafting assignments include the surface, marine, water and energy utilities sectors, mining, investment and business licensing, port laws and regulations, the laws and regulations on capital markets in the areas of unit trusts and open-ended investment companies. Other assignments include the drafting of land regulations necessary to implement the Land (Amendment) Act of 2004 which addressed enforcement of mortgages, drafted a bill to regulate the operations of the Land Market and Practice of Estate Agents, drafted forest regulations for complementing the Forest Act of 2003, prepared the new Unit Titles Regulations including proposed amendments to the Capital Markets and Securities Act No. 5 of 1994 to accommodate the new draft regulations and reviewed the telecommunications legal and regulatory regime, to mention only a few.
REX offers its clients a broad spectrum of legal advisory services, combining knowledge and experience in different legal practice areas. In today’s complex and rapidly changing regulatory and business environment, where companies are more than ever exposed to strict compliance requirements and new business challenges, our understanding of the legal regulations and deep industry knowledge help our clients to stay competitive and compliant. In order to advise our clients, REX undertakes legal research in all areas of practice to keep all the practitioners up-to-date with the rapid changes in the legal environment for doing business in Tanzania.
REX practitioners are trained to conduct proper legal research on every assignment/transaction. The Firm shares its research and review reports widely. In the recent past REX published its articles in the following annual report books and journals worldwide:-
“Doing Business” published by the World Bank, the International Finance Corporation, and Palgrave Macmillan
“Getting the Deal Through” mining on the regulation of exploration and extraction of minerals in thirty-one (31) jurisdictions worldwide published by Law Business Research Limited, London
“Getting the Deal Through” oil regulation in twenty-nine (29) jurisdictions worldwide published by Law Business Research Limited, London
REX provides advice relating to applicable tax in commercial transactions generally as well as continuous tax compliance requirements and the applicable tax and tax disputes resolution procedures. REX represents a wide range of clients in tax disputes, guiding corporate clients in the event of a tax dispute through the appeal processes available, including, filing of notices of objection, representation in the tax tribunals and the courts, and where tenable, we guide clients through the alternative dispute resolution mechanisms, such as mediation or direct negotiations.
The tax practice is headed by Dr Alex Nguluma, one of the leading tax law experts who has extensive experience in tax law and tax administration in Tanzania.
REX advises corporate clients in the review of employment policies, preparation of employment contracts, review of restructuring plans in relation to employment issues and the procedures to downsizing businesses and advising on retrenchment procedures.
REX understands the changes in the employment and labour legislation governing engagement of non-citizens and the local content regulations under the natural resources’ laws concerning expatriate labor mobility and local content compliance requirements. We advise clients ahead of their investment decisions concerning the procedures and approval process for expatriate engagement and treatment. In addition we provide services relating to applications for work permits, residence permits, visas and passes for expatriate staff.
In the wake of COVID-19 and the potential global economic downturn, REX is well prepared to assist corporate clients with any consequential redundancies and retrenchments and can provide actual review of corporate restructuring in accordance with legal requirements to achieve a lean and efficient workforce.
In addition, REX has experience in representation of its corporate clients at the Commission for Mediation and Arbitration (the “CMA”) on various employment related disputes and where necessary, in representation before the High Court and the Court of Appeal.