Business
Written by DAILY NEWS Reporter
TANZANIA Teachers Union (TTU) has said
the much awaited Tanzania Teachers Bank (Mwalimu Commercial Bank) has
finally taken shape and that the initial public offer is expected to
start from April 8 this year.
TTU President, Mr Gratian Mukoba, told a
news conference in Dar es Salaam that an application which was
submitted to the Capital Market & Securities Authority (CMSA), has
been approved.
“We are pleased to announce to all
teachers and general public that intended formation of Mwalimu
Commercial Bank PLC has finnaly taken shape, the approval has been
obtained from CMSA to sell shares to the public,” said Mukoba.
Either, he said the bank is expected to
start with core capital of not less than 25bn/- well above the minimum
requirement of the Bank of Tanzania (BoT) of 15bn/-.
He said teachers who are active members
of TTU have been given 50,000/- each as incentives by their union which
will enable them buy at least a minimum of 100 shares.
He said the union is encouraging its
members to buy more shares to boost the capital of their bank adding
that Initial Public Offer (IPO) is to all members of the general public.
“To facilitate this IPO, a mobile
banking facilities will be used for the first time ever in our country
for applicants to pay using their mobile phones from wherever they are
in the United Republic of Tanzania without going to town to buy their
shares,” he said.
Mr Mukoba mentioned others who will be
involved in the IPO process as registered stockbrokers and all branches
of NMB bank. He said operational roadmap and timetable was proposed by
the IPO advisers and approved by the Board of Directors and founding
shareholders who are TTU and the Teachers Development Company Limited
(TDCL).
He said according to the timetable, they
expect to start selling shares on 8th April and selling will continue
for one month upon which the new capital structure will then be
submitted to the Bank of Tanzania for their review before issuing a
commercial banking licence.
“Upon receiving licence, Mwalimu
Commercial Bank will begin process of hiring staff, preparing the bank
headquarters and installing bank software ready to takeoff, and MCB
plans to open its doors for business on 2th November this year however
shares are expected to be listed for trading on 2nd July,” said Mukoba.
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