Dar es Salaam Stock Exchange's alternative market trading officially kicks off next Tuesday by listing its first product, Maendeleo Bank.The DSE second window, Enterprise Growth Market (EGM), targeting start-up and refinancing businesses, poises to unveiling a new equity market in the country where listing conditions are less stringent compared to its sister market.
The Capital Markets and Securities Authority, Principal Public Relations Officer, Mr Charles Shirima, told 'Daily News' that the launching of EGM was scheduled for November 5, this year.
"All preparations are ready, we are now waiting for confirmation of the chief guest prior of issuing the event timetables," Mr Shirima said.
Though the alternative market was ready to list any product since late last year, the official launch was awaiting a firm to go through preparation of the prospectus, identified nominated advisors before primary share offers to the public.
"The Maendeleo Bank becomes the first firm to qualify for the EGM listing after successful initial public offer (IPO)," Mr Shirima said.
He added: "The possible second product is Mwanza Community Bank, currently at IPO stage." The EGM would be housed at the current DSE headquarter and main market trading platform along Ohio Street at Golden Jubilee Tower in Dar's central business district.
The Zan Securities Chief Executive Officer, Mr Raphael Masumbuko said the market was expected to receive the bank positively as the first product on the alternative market.
"The reception would be positive-(as) it's no longer what they (investors and public) used to hear and read on books," Mr Masumbuko said, "but practically possible practice that a firm can raise capital though stock exchange."
He said the listing of Maendeleo Bank is a milestone to the entire financial sector that in the country the firm could now raise required capital through selling stocks.
The Maendeleo Bank offered to the public after putting eight-million shares on primary sales with a green-shoe (right to sell more shares) option of 1,200,000 shares. The offers opened in mid August and closed fortnight ago.
A share was sold at 500/- but at a-lot of 100 shares or in multiple of 10. The Bank is a public limited liability company incorporated in 2011, with head offices at Luther House in Dar es Salaam.
The current shareholders holding, above 5 per cent are United Evangelical Mission 14.5 per cent, ELCT - Eastern and Coastal Diocese 9.2 per cent and Church Institutions 7.7 per cent.
Source: Daily News, reported by Abduel Elinaza, from Dar es Salaam, Tanzania
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