Mucoba Bank Plc (DSE: MUCOBA) becomes the 24th company to list at the Dar es Salaam Stock Exchange (DSE).
The bank listed 8,156,423 shares at an opening price of TZS250 per share on the Main Investment Market Segment (MIMS) on 8th June 2016.
On its first day of listing Mucoba’s total turnover was TZS4,440,000 in 8 deals.
The listing follows Mucoba’s Initial Public Offering (IPO) conducted between July and September 2015 to issue 20m shares at an IPO price of TZS250 per share.
Mucoba becomes the 8th domestic bank listed on the Tanzanian exchange after CRDB, NMB, DCB, Mkombozi, Mwalimu, Maendeleo and Yetu Microfinance.
Another local bank, Bank M, also plans to list at DSE. Jacqueline Woiso, Senior Vice President & Deputy Chief Executive Officer mentioned the bank’s intention during the presentation of the latest financial results.
She also indicated that the bank has already started procedures to issue the IPO, in a bid to raise additional capital of TZS50b.
Mucoba is licensed to provide all normal commercial banking services but its main focus is on organized grassroots economic groups that have been largely under-banked.
This includes individuals running Small and Medium Enterprises (SMEs) in Mafinga and neighboring districts of Iringa region as well as other regions in Tanzania.