Company & Business
Proposed: Exchange Enterprise Growth Market –The Dar es Salaam Stock Exchange (Tanzania)
Shares in Issue: 50,000,000.00
IPO Price per share: TZS 500
Offer Opening Date: 23-March-2015
Offer Closing Date: 4-May-2015
Expected Listing Date: 8-June-2015
Mwalimu Commercial Bank (MCB) has been sponsored and promoted by the Tanzania Teacher’s Union (TTU), a Trade Union established under the Employment and Labour Relations Act 2004. It is an umbrella trade union of teachers in Tanzania solely owned by the teachers. With over 200,000 members across all regions in Tanzania, it is expected to own 16% of the bank’s issued and fully paid up capital. It has also decided to work with its economic wing, the Teacher’s Development Company Limited (TDCL) which was registered on 7th April 2003. TDCL will take 4 % of MCB PLC’s issued and fully paid up capital. The rest 80% will be available for the general public.
MCB PLC will be established as a commercial bank, supervised and regulated by the Bank of Tanzania under its prudential regulatory regime. It will supply the normal banking products, with provision that it will spread its footprints as quickly as possible to reach TTU members; other teachers and workers; and the public in general.
Given the current financial market in Tanzania, in which some institutions offer costly products, teachers are aspiring to establish a financial institution that enables them to access affordable bank products or service. The establishment of the bank shall also enable teachers to overcome economic hardships, improve standard of living and contribute to national development