Maendeleo Bank shares gain on DSE


Maendeleo Bank share price appreciated by 20 per cent to TZS 600 during listing, yesterday, at the Dar es Salaam Stock Exchange.

Maendeleo Bank offered eight million shares with a green shoe option of 1.2 million shares at TZS 500 each, but the share hit the bourse at TZS 600 on listing the DSE’s Enterprise Growth Market (EGM), according to data revealed during the listing yesterday.

The market data revealed during official launching of the EGM segment, an SME window where Maendeleo bank became the first product to list, indicated that there was bid for 900 shares at TZS 600 each compared to TZS 500 sold during IPO.

The Church-based bank managing director Ibrahim Mwangalaba said all 9.2 million shares were subscribed meaning that the bank managed to raise TZS 4.6 billion for its capital expansion.

“It’s a good beginning showing that the shares are in demand. It’s a sign of good future,” commented Moremi Marwa, DSE chief executive officer.

Mwanza Community Bank, whose IPO is still running, is expected to be the second firm to list through EGM in December while Swala Oil and Gas Tanzania is in approval process.

The establishment of the EGM is a result of recommendations of a study conducted by the Capital Markets and Securities Authority (CMSA) on the appropriate capital markets structure for Tanzania in its efforts to develop and strengthen the capital markets, CMSA CEO Nasama Masinda said during her overview remarks.

Prime Minister Mizengo Pinda said the government was ready to facilitate business environment including creating vibrant capital markets as a source of long term financing.

Sosthenes Kewe, technical director, Financial Sector Deepening Trust ((FSDT) said there was a long way to bring even 10 per cent of the 3+ million businesses operating in Tanzania.

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