Compilation of banking information of
investors in the Mwalimu Commercial Bank (MCB) is expected to be
completed this week ahead of the official listing of the bank on the Dar
es Salaam Stock Exchange (DSE).
The bank, according to its prospectus,
was to enter the stock market on June 8, 2015 but the listing has so far
been postponed for at least two times due to what has been described as
changing listing requirements by DSE.
The listing sponsoring broker, Mr George
Fumbuka, told the Daily News in Dar es Salaam that compiling the
banking information of over 230,000 prospective investors who bought MCB
shares has been difficult, delaying the listing as a result.
“The listing has been delayed due to a
record high number of share buyers...the 235,000 people who bought
shares in MCB is ten times bigger than all past IPOs (Initial Public
Offers) put together,” Mr Fumbuka said, adding that the new listing
regulations demand that the information of all bank accounts or
simu-banking accounts of investors be obtained.
“We are right now communicating with
about 5,000 investors whose applications do not have this information or
founder teachers who paid prior to the IPO,” he said, noting that the
exercise is set for completion this week.
DSE Chief Executive Officer Moremi Marwa
was recently quoted as saying that MCB had asked for more time to
finalise the allotment before listing.
MCB’s IPO, which was oversubscribed by
24 per cent to receive 31bn/- against the envisaged 25bn/-, is the first
to use mobile platform, posing new challenges of compiling all data
ahead of allotment.
Tanzania Teacher’s Union (TTU), a Trade
Union established under the Employment and Labour Relations Act 2004,
has sponsored and promoted the bank.
With over 200,000 members across the
country, TTU is expected to own 16 per cent of the bank’s issued and
fully paid up capital while its economic wing, the Teacher’s Development
Company Limited (TDCL) will take four percent, with the remaining 80
per cent floated for the general public.
MCB PLC will be established as a
commercial bank, supervised and regulated by the Bank of Tanzania under
its prudential regulatory regime.
It will supply the normal banking
products, with provision that it will spread its footprints as quickly
as possible to reach TTU members.
Given the current financial market in
the country, in which some institutions offer costly products, teachers
are aspiring to establish a financial institution that enables them to
access affordable bank products or service.
Analysts foresee establishment of the
bank as a good move towards enabling teachers to overcome economic
hardships, improve standard of living and contribute to national
development.
Source: Daily News, reported by Masato Masato, from Dar es salaam, Tanzania
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