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NMB to refund Sh37bn to would-be investors

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by deny_all, Sep 11, 2008.

  1. deny_all

    deny_all JF-Expert Member

    #1
    Sep 11, 2008
    Joined: Feb 24, 2008
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    NMB to refund Sh37bn to would-be investors
    By Mnaku Mbani

    The National Microfinance Bank will have to refund would-be investors more than Sh37 billion following oversubscription of its initial public offer (IPO).

    Preliminary reports on the IPO, which opened on August 18 and closed on Monday, indicate that it has been oversubscribed by over 42 per cent.

    The Consolidated Holding Corporation announced on Tuesday that a total of Sh100 billion was recorded from the sale of the State's 21 per cent stake in the bank. The Government remained with a 30 per cent stake following the floatation of 105 million shares to the public at Sh600 per share.

    This means that about Sh37 billion will have to be refunded to the IPO subscribers as capital markets rules require.

    This is different from unregistered IPOs, such as that of Dar es Salaam Community Bank, which was oversubscribed by 350 per cent, leading to an application to the Capital Markets and Securities Authority (CMSA) for the absorption of the entire proceeds.

    It was, however, not immediately clear whether the Government would allow its remaining 30 per cent shares in NMB to be sold, although it had earlier announced that it would float the rest of its stake in the future.

    The oversubscription was in line with projections by most stockbrokers.

    However, NMB's record falls short of the Tanzania Portland Cement�s in percentage terms.

    The firm floated 53.9 million shares with the goal of raising Sh23.4 billion in 2006, but the offer was oversubscribed by 350 per cent, forcing the company to refund would-be investors Sh70 billion.

    Brokers interviewed in Dar es Salaam yesterday said they had experienced high turnout, although not so much as previously expected. Some brokers said the delay in floating the shares had discouraged investors, particularly those in the low-income bracket.

    Stockbrokers at the Dar es Salaam Stock Exchange noted that the initial price of Sh600 per share was the highest of any IPO at DSE.

    According to the NMB IPO prospectus, the announcement of the basis of allotment criteria and crediting of shares to the Central Depository System is scheduled for October 8.

    Refund distribution and distribution of depository receipts will take place on October 22 before the listing and commencement of share trading at the secondary market begins towards the end of October.

    Ms Dono Sumari, an official of Solomon Stockbrokers Limited, an IPO authorised agent, said all receiving agents were until Tuesday continuing with the compilation of share sales.

    "We can't estimate how the IPO has performed because it is too early and data is still being compiled," she told this newspaper on Tuesday.
    She added that the share sales trend in Dar es Salaam was high, especially among individual investors who were allotted 80 per cent of the 16 per cent of shares allotted to the general public.

    "Although the IPO experienced some delays, people have shown that they are now knowledgeable as far as stock markets are concerned," Ms Sumari said.

    However, analysts have said a significant number of people in the low-income bracket missed out on the IPO because most of them are currently facing economic hardships caused by high commodity prices.
    However, an NMB official, who did not want to be named, said the response was generally positive.

    Source: The Citizen


    Muono wangu:
    -Inaonekana watanzania tunaweza kukusanya mtaji/mitaji kwa ajili ya kununua makampuni yetu ila kinachotakiwa ni kuhakikisha management zinakuwa bora. Kama TShs37bn zinarudishwa kwa wananchi wakati share price zilukwa zikusanye TShs63bn ina maana zaidi au karibu ya TShs 100bn ziliweza kukusanywa.
    -Sijui kama wanasiasa wetu kuna lolote wanajifunza kutokana na hii hali (oversubscribing of shares).....wananchi wanawaambia tupeni nafasi ilikuwa hivyo kwa Tanga Cement, Dar es Salaam Community bank na sasa NMB


    NB: Invisible inabidi uanzishe jukwaa jipya " Jukwaa la Uchumi"
     
  2. Ibrah

    Ibrah JF-Expert Member

    #2
    Sep 11, 2008
    Joined: Mar 22, 2007
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    Wasitutanie kabisaa, wakirudisha watatulipa gharama za usumbufu na riba? Vinginevyo Serikali (waliouza hisa) waongeza hisa za kuuzwa zenye thamani ya hizo bilioni 3 maana waliuza sehemu tu ya hisa zao za NMB
     
  3. M

    Mtanzania JF-Expert Member

    #3
    Sep 11, 2008
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    Jamaa hapo wametengeneza pesa kibao kwenye interests. Wadanganyika tunafungwa goli lingine.
     
  4. Haki.tupu

    Haki.tupu JF-Expert Member

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    Sep 11, 2008
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    Lakini nadhani hii ni kawaida katika IPOs. NMB hawana kosa hapo, ila mnunuzi wa hisa alitakiwa kujua/kusoma upepo wa possible demand. Mimi niliacha kununua hizi share nikijua kabisa kutakuwa na oversubscription kubwa sana. Wasiwasi wangu ilikuwa ni process ya kurudisha hela, hawa jamaa wanaweza wakachukua mwaka kurudisha! Kwa serious investors time value of money ni factor kubwa. Chukulia labda NSSF walilipa 5billion kununua hizo shares hizo halafu wakaambia wanarudishiwa 2 billion lakini ichukue mwaka kuzirudisha na bila riba!!!!!

    CMSA wanatakiwa kuhakiksha watu wanapewa hela zao mapema sana.
     
  5. green29

    green29 JF-Expert Member

    #5
    Nov 13, 2008
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    Hii imekaaje?! Naona imetumika welfare approach, nasikia wamejitahidi kugawa hisa kwa applicants wote kwa mgawo wa around hisa 5000 kwa individual aplicants
     
  6. Mchaga

    Mchaga JF-Expert Member

    #6
    Nov 13, 2008
    Joined: Apr 11, 2008
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    Jamani hili neno "to would-be" limetumika sehemu mwafaka?

    Ni hilo tu...isijekuwa ni yaleyale ya sanjari na sambamba.
     
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