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TOL Gases Rights Issue Oversubscribed at 129.4%, New Shares List on DSE on 17th November 2026

Tanzania’s TOL Gases PLC completed its rights issue with a 129.4% oversubscription rate against a TZS 8.16 billion target, allocating applicants 100% of their entitlement and 34.4% of the additional shares requested. Excess monies are refunded on 13 November 2026, and the new shares start trading on the Dar es Salaam Stock Exchange on 17 November 2026.
November 11, 2026
1 minute read
TOL Gases rights issue oversubscribed

Tanzania’s TOL Gases PLC (DSE: TOL) completed its industrial gases rights issue with an oversubscription rate of 129.4% against a target of TZS 8.16 billion.

The company announced the results to shareholders on 11 November 2026, following the approved allocation process for the offer.

All applicants have been allocated 100% of the shares they were entitled to, together with 34.4% of the additional shares they requested on top of their entitlement.

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Excess application monies relating to the unallocated additional shares will be refunded on Friday, 13 November 2026, through the bank account or mobile money number given in each application.

The new shares will be listed and start trading on the Dar es Salaam Stock Exchange on Tuesday, 17th November 2026.

The offer was structured at one new share for every five shares held on the record date of 14 September 2026, with 11,501,193 shares priced at TZS 710 each.

TOL Gases produces and distributes industrial gases, medical gases, and related accessories in Tanzania, and its shares trade on the Dar es Salaam Stock Exchange.

The proceeds are meant to expand its production capacity, as the company’s carbon dioxide output of 4.8 tonnes per hour falls short of demand, particularly during the peak season from September to February.

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It has received inquiries from South Africa, Zimbabwe, Zambia, and the Democratic Republic of Congo, and the raise forms part of its 2025 to 2029 growth strategy.

The company is pursuing a project to double its oxygen production capacity, with output expected to begin around October or November 2026.

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