CAPITAL Markets and Securities Authority (CMSA) has approved a Dar es Salaam Stock Exchange (DSE) green shoe elevation to 35per cent from 10 per cent. This means that the DSE initial offer has been extended to 10.125bn/- from 8.25bn/- with green shoe.
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The bourse wanted to raise 7.5bn/- with a 10 per cent green shoe that equals 750m/-. However, DSE ended up collecting 35.77bn/- which was oversubscription of 377 per cent in excess of the targeted capital or 4.77 times the anticipated amount.
DSE said in a statement yesterday that the approval pave the way for the Dar bourse to self-list next Tuesday becoming the third bourse to do so in Africa - after Johannesburg and Nairobi exchanges.
“The DSE intends to self-list its shares on the secondary market in the Main Investment Market (MIMS) segment under the ticker “DSE” and make its shares tradable,” the statement said.
Also CMSA has agreed on the DSE request to grant in full all investors who applied for 10,000 shares or placed 5.0m/-and less and above that to enter into pro-rata process.
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“Applicants for the first 5.0m/- or 10,000 shares will get full allocation (while those) above 5.0m/- or 10,000 shares will be allotted on pro-rate basis,” the statement revealed.
For DSE staff, CMSA also said they got full allocation of 3.0 per cent of issued shares. Following the allotment, processing of refunds will therefore be completed by Friday and listing on next Tuesday.
The planned self-listing is in line with the global trend and practice for Exchanges and is aimed at achieving good corporate governance practices, efficiency and effectiveness of the DSE and further strengthen its strategic and operational practices.
Meanwhile, DSE Chief Executive Officer Mr Moremi Marwa said in his Quarterly Report Note that the bourse achieved two other major milestones—IPO and admitted as a Partner Exchange of the United Nations Sustainable Stock Exchanges (SSE) initiative.
The SSE is a voluntary commitment to promote long-term sustainable investment, and to improve environmental, social and corporate governance (ESG) disclosure and performance of listed companies. DSE has joined 55 other SSE Partner Exchanges worldwide committed to the said objective.
Source:Bongo yetu blog