MAENDELEO BANK SEEKS SH11BN IN IPO "Credit News 24"
In Summary
The bank officially launched an initial public offering (IPO) yesterday in which it will sell a total of 17,612,417 ordinary shares at a price of Sh600/share, with the city-based Smart Stock Brokers as its lead broker.
Dar es Salaam. Maendeleo Bank Public Limited Company is seeking Sh10.567 billion as it endeavours to transform its status from a regional bank into a commercial one.
The bank officially launched an initial public offering (IPO) yesterday in which it will sell a total of 17,612,417 ordinary shares at a price of Sh600/share, with the city-based Smart Stock Brokers as its lead broker.
By raising the cash, Maendeleo Bank – which trades as MBL – will also move from the DSE’s Enterprise Growth Market Segment (EGMS) to the Main Investment Market Segment, the bank said in a statement yesterday.
“Maendeleo Bank, PLC initially under the DSE EGMS is now looking to move up to the Main Investment Market Segment through the Capital Market Security Authority (CMSA). It has announced to raise Sh10.567 billion by issuing 17,612,417 ordinary shares at a price of Sh600/share for that purpose,” the statement reads.The IPO, it stated, commences today (September 18, 2017) and the shares will be available for sale in the primary market for approximately six weeks up to 3rd November 2017.
The bank – which started as a result of the strategic decision made during the Annual General Meeting of the Eastern and Coastal Diocese of the Evangelical Lutheran Church of Tanzania – in 2008 before its actual establishment in September 2013 – became the first entity to list on the EGMS of the DSE and hence became a Plc from the start.
In 2015, Maendeleo Bank conducted a rights issue that enabled it to collect Sh2.83 billion thereby boosting its capital base to Sh7.33 billion.
Within the period of two years, Maendeleo Bank Plc managed to break even and started generating profits.
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