Govt to Sell Its Shares in National Microfinance Bank
Tanzania , October, 16 2006 -
The government of Tanzania is planning to sell its 21 per cent stake in the leading commercial bank in Tanzania, the National Microfinance Bank (NMB).
The sale is scheduled to take place in March next year through the Initial Public Offer (IPO).
Officials said last week that the government had assigned the Presidential Parastatal Sector Reform Commission (PSRC) to sell its remaining shares through IPO system.
The government has majority share in bank which is also jointly operated by the consortium of Rabobank of Netherlands.
Last year, the government sold 49 per cent shares in the bank.
The Netherlands firm has 34.9 % followed by National Investment Company Limited (NICO) with 6.6% stake, Exim bank Tanzania limited 5.8 % and Tanzania Chambers of Commerce, Industries and Agriculture (TCCIA) have 1.7%.
NMB is a private company limited by shares and has an authorized share capital of US$ 25 million.
The Bank is the second largest bank in asset base.
It covers 80% of the country serving all the 121 districts.