CRDB Bank (Tanzania) Limited recent public offer (PO) has received more than 100 per cent oversubscription, the bank announced in a statement yesterday.The bank described the public sale of its 125,429,692 shares, worth 18,814,453,800/- that were going at 150/- each and closed on May 8, as a "great success."
It said that oversubscribed amount totalling over 31.9bn/- would be refunded to investors before the firm is listed on the Dar es Salaam Stock Exchangte (DSE) on June 17.It said results show that the total number of subscribed shares is 338,129,400, which according to the CRDB Bank statement was 2.7 times higher than the target."The results show that the offer has been oversubscribed by 2.7 times," reads the statement.
It said that the bank will allot minimum of 500 shares in full to every subscriber and thereafter 35 per cent on prorata basis. "DSE Depository Receipts and Refund cheques will be distributed from June 15, to investors through their agents and branches where they applied for the shares," the bank noted in the statement.CRDB Bank will become the 10th Tanzanian local firm and the third banker to be listed on DSE.
Other listed firms are the Tanzania Oxygen Limited (TOL), Tanzania Breweries Limited (TBL), Tanzania Tea Packers (Tatepa), Tanzania Cigarette Company (TCC), Tanga Cement Company (Simba), Tanzania Portland Cement Company (Twiga), Swissport, Dar es Salaam Community Bank (DCB) and National Microfinance Bank (NMB).There are also four Kenyan firms that have cross-listed their shares on the bourse -- Kenya Airways, East African Breweries Limited, Jubilee Holdings Limited and KCB
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