This also affected dividend yield to suffer a heavy drop and settle at 5.42 per cent from 13.89 per cent. The investment wing of Tanzania Chamber of Commerce, Industries and Agriculture (TCCIA) in its IPO raised 1.0bn/- only which is 2.3 per cent of the 45bn/- target.
The firm, which was expected to be listed on Dar es Salaam Stock Exchange (DSE) in April, this year, asked for IPO extension to the regulator, the Capital Market and Securities Authority (CMSA). TCCIA had put at offer 112,500,000 ordinary shares at 400/- each.
This represents 61.3 per cent of the issued share capital of 183,592,400 ordinary shares of a nominal value of Sh 20 each. From the IPO proceeds, the company hopes to diversify into the real estate industry, with target on Dar es Salaam, Dodoma, Mtwara and Tanga.
It also plans to venture into microfinance, agro-processing as well as invest part of it in government securities.