MUCOBA Bank PLC LAUNCHES 20,000,000 ORDINARY SHARES SELLING TO GENERAL PUBLIC TODAY

Minister for Lands, Housing and Human Settlements Development, William Lukuvi

BY FRIDAY SIMBAYA, IRINGA: MUCOBA Bank PLC has started offering 20,000,000 ordinary shares at 250/- per share to the general public by way of Initial Public Offer (IPO) as part of its ongoing capital restructuring program, The Guardian has established.

The community bank is expecting to sell 20,000,000 ordinary shares to the general public worth five billion shillings (5bn/-) before the closing of the offer by way of IPO.

According to the General Manager, Ben Mahenge, that is representing 54.70 percent of the issued share capital of 36,560,760 ordinary shares of a nominal value of 50/-each.

Mahenge said that offer was officially launched today by the Minister for Lands, Housing and Human Settlements Development, William Lukuvi and the offer will be closed on 4th September this year.

He said since today the community bank has sold more than 328000 ordinary shares worth 82m/- to the general public at 250/- per share during the inauguration.

“The Capital Markets and Securities Authority (CMSA) has approved to list on the Dar es Salaam Stock Exchange (DSE) so as to provide a ready discovery mechanism to our shareholders and avail them an ordinary exit route. We are expecting to list on the DSE on 5th October this year,” he elaborated.

On his part, Minister for Lands, Housing and Human Settlements Development, William Lukuvi who was guest speaker during the launching, said bank should come up various products and sell them to the general public especially those in rural areas were banking services are limited.

MUCOBA Bank PLC is the first community bank in Tanzania to play the role on the Tanzania economy growth since it was established 15 years ago.

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