COMPANY & BUSINESSES
Proposed Exchange Enterprise Growth Market - DSE (Tanzania)
Shares Expected after the IPO 21,838,452
Shares Offered for sale 5,000,000
IPO Price per share 1,000
Offer Opens Monday, November 03, 2014
Offer Closes Saturday, November 29, 2014
Date to be listed at DSE Monday, December 22, 2014
Mkombozi Commercial Bank Plc. (MKCB) is a limited company incorporated under the Companies Act R.E 2002, with Certificate of Incorporation dated 6th March 2007. The bank was granted banking license by the Bank of Tanzania as a full-fledged commercial bank on 18th July 2009 and started banking business on 28th August 2009. Although MKCB is licensed to provide all commercial banking services its target markets are small and medium sized entrepreneurs; companies; SACCOS; social enterprises such as schools and universities; and Corporations. MKCB serves the needs of growing companies, middle-market and large corporations, institutional investors, financial institutions and government entities
The company provides investment opportunity to investors to gain in exposure of highly prospective and competitive banking sector in Tanzania. The marketing strategies of the company will increase market coverage in the country as to date it has four branches which are Kariakoo, Msimbazi, Mwanza and St Joseph, there are other new branches which are in the progress.
The bank is focusing on its vision and mission, especially following these new developments and challenging environment. Accordingly, Mkombozi Bank is prioritizing its efforts in a number of areas to expand the bank’s revenue base and increase its assets and market outreach. These areas include the establishment of agency banking; intensification of micro lending activities; intensification of corporate lending activities;continuation of advancing salary loans; increase in the mobilization of deposits;establishment of two new branches; and increase of total assets.
In the fiscal year 2013, the company’s net income was 119 million which Higher than the previous year of 2012.