Rock City Company Limited, which owns Rock City Mall in Mwanza, has distributed dividends totalling 1.189bn/- among its three shareholders. The Public Service Social Security Fund (PSSSF) received the largest share at 1.07bn/-, while Mwanza City Council and Ilemela Municipal Council received 71.34m/- and 47.56m/- respectively. The handover took place at a ceremony in Dodoma.
Deus Sangu, Minister of State in the Prime Minister's Office with responsibility for labour, employment and relations, used the occasion to emphasise the importance of secure investments for social security funds. He told fund managers that members had entrusted them with their savings and expected the money to remain safe while generating returns. He directed the company's management to improve rent collection and settle outstanding debts, saying sound financial controls were vital to the success of commercial investments. Mr Sangu also noted that public-private partnerships could drive economic growth and job creation.
Fortunatus Magambo, the PSSSF's Director General, said the fund's strategy was to preserve the value of members' contributions and ensure retirement benefits exceeded what members had paid in. By September this year, the fund's investments had reached 14tri/-, with total assets of 16.75tri/-. Mr Magambo committed to continuing effective management of Rock City Mall to attract more customers and maintain its standing as a major commercial hub in Mwanza.
Anette Shoo, the mall's manager, said the dividend payout reflected returns from sound management and proper company decisions, which had strengthened shareholder confidence. The mall was 98 per cent occupied and supported more than 1,000 people through permanent and temporary employment, with particular benefits for young people. The company planned to prioritise maintenance, infrastructure improvements, better services and stronger tenant relationships to remain competitive and boost future returns to shareholders.