The Citizen
(Dar es Salaam)
Mnaku Mbani
9 October 2008
Allotment of shares of the National Microfinance Bank continues to face huddles after Rasilimali Limited, the Initial Public Offer lead advisor, postponed the exercise yesterday. The share allotment was expected to be announced yesterday but it was moved to October 17 in a move blamed on the recent workers' strike at the bank.
The new date will fall short by one week, the mandatory two weeks required to pay back excess funds from the shares sale, initially scheduled for October 22.A statement by Rasilimali Limited general manager Gabinus Maganga says refund cheques will now be issued from October 20 to November 3.
'Due to delays caused by two days strike by NMB employees and the workload on reconciling information about applicants as received from respective collection agents, Rasilimali as the lead advisor sought and received an approval from the capital markets authority to extend the date,' the statement noted. However, the amount collected from the IPO has also not yet been revealed as efforts to get managers of the Consolidated Holding Corporation failed.
CHC is facilitating the remaining business of the defunct Parastatal Sector Reform Commission, which ceased operations after completing the privatization of most public enterprises. The new time frame indicates that the listing of NMB shares at the Dar es Salaam Stock exchange is now set for November 6. Stockbrokers had however been expecting the delay.
Inquiries reveal that data compilation work was complete, awaiting the receiving bank to conclude its part, brokers said. The NMB IPO, opened on August 18, involved the sale 105 million shares (21 percent of the 51 percent government stake) to raise Sh63 billion.
The share price was Sh600 and estimated net proceeds of the offer were set at Sh60.7 billion, the prospectus indicates.
Five per cent out of the 21 per cent shares sold to the public were allotted to the bank's employees.
The remaining 16 per cent were sold to individuals and companies, with 20 per cent of the shares allotted to local institutional investors and 80 per cent to individuals.
The company has 625 million authorized ordinary shares per value of Sh40 each, of which 500 million shares have been issued and fully paid.
Copyright © 2008 The Citizen. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
Read comments. Write your own.
