Some of you may already know this, but most Tanzanians don't. The Government is planning to sell 21% of the 51% of the NMB shares it holds. The Initial Public Offering, IPO is expected to take off before September 2008.
Currently, the shareholder profile for NMB is:
- The Government of the United Republic of Tanzania 51.0%
- RABO Bank 34.9%
- National Investment Company Limited (NICO) 6.6%
- Exim Bank Tanzania 5.8%
- Tanzania Chambers of Commerce Industries and Agriculture (TCCIA) 1.7%
(Source, NMB Website)
For more information read http://www.ippmedia.com/ipp/guardian/2008/05/26/115169.html.
Only Tanzanian citizens and Tanzanian owned institutions are allowed to bid for shares during the IPO. The aim is to enable Tanzania to take ownership of private companies that were previously stated owned. Once the stock gets listed on the DSE then it is fair game for everyone.
It is sad that most Tanzanians are still in the limbo in regards to the NMB shares. THe NMB IPO has been talked about for a while, but it was not common knowledge to most Tanzanians; even those working in the financial sector, while our neighbors in Kenya were already talking about obtaining these shares as early as May, 2007. Just read
It is high time Tanzanians became more informed about such important things in our country's development and economy, and show we can compete in the EAC. Our Kenyan friends have even gone as far as mocking us and accuse us of xenophobia because of the restrictions imposed on the IPO. So let us make full use of this opportunity; disseminate this information widely!!