Mwalimu Commercial Bank (MCB) has announced its initial public offering (IPO) to list at Dar Es Salaam Stock Exchange (DSE) Exchange Enterprise Growth Market (EGM).
50 million shares will be available at an IPO share price of TZS 500.
MCB Bank has not yet started trading. It has been sponsored and promoted by the Tanzania Teacher’s Union (TTU), a Trade Union established under the Employment and Labour Relations Act 2004.
MCB will be established as a commercial bank, and will supply the normal banking products, with provision that it will spread its footprints as quickly as possible to reach TTU members; other teachers and workers; and the public in general.
According to CORE Securities, named East Africa Best Advisory Brokerage by Capital Finance International “There is a significant demand for banking services across the urban and rural population in the numerous remote areas of the country. Majority of the population are still unexposed to the world of banking. Hence we recommend to buy.”