DAR ES SALAAM Stock Exchange market
value surged by 30.92bn/- to 20.78tri/- after listing of the Mwalimu
Commercial Bank last Friday. The bank which is supported by Tanzania
Teachers’ Union listed at the Dar bourse after a successful Initial
Public Offer (IPO) which was oversubscribed by 24 per cent.
The listing marked another major
milestone for the bourse with significant increase in market value that
is expected to stimulate trading. Mwalimu Commercial Bank PLC (MCB)
becomes the fourth company to be listed on its Enterprise Growth Market
Segment (EGM) and becomes the fifteenth Tanzanian company and the twenty
second company overall to be listed at the Exchange.
In Friday trading session, DSE recorded a
total turnover of 33,049.16 million shillings from 2,388,635 shares
traded in 83 deals compared to the previous session which recorded a
turnover of 65.42 million shillings from 93,980 shares traded in 78
deals.
Prime Minister Majaliwa Kassim Majaliwa
who officiated at the listing, challenged the bank to set strategies
that will enhance its growth and touch people from all walks of life
countrywide. He said teachers and other investors should use the
opportunity to buy shares from the bank, to boost the sector that is
still not well tapped.
“Investors from all sectors should cling
with the government’s commitment towards supporting the growth of the
bank through buying the shares,” said Mr Majaliwa. The DSE Chief
Executive Officer, Mr Moremi Marwa, said with the coming in of the new
bank in the market, market capitalization, has increased by 30.92bn/-,
to 20.78tri/-.
He said the number of companies in stock
of exchange had now reached 22, of which 15 local companies accounted
for 9.82tri/- of the market capitalization and seven foreign companies
contributing to 10.96tri/-.
He was positive that, with the arrival
of new player in the market, the DSE was likely to record higher
performance in the future, the performance that would be linked to
increased number of shareholders.
“I’m optimistic that an addition of the
bank, to the market that saw the number of shareholders climbing up from
the current 220,000 to 450,000, will lead us to the stage of higher
performance,” he said.
The sectors which are yet to be tapped
to the optimal level, according to Mr Marwa, include agriculture,
infrastructure, Communication, Minerals and tourism.
“If the sectors in question would be
well tapped, the economic contribution of the listed local companies
whose shares nearly stand at 10tri/-, equals to 14 per cent of Growth
Domestic Product (GDP) would go up,” Mr Marwa told shareholders.
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