DOCSLIB.ORG

Rights Issue

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Rights Issue RIGHTS ISSUE INFORMATION MEMORANDUM December 2020 Rights issue of 20,615,272 New Ordinary Shares of TZS. 1,000 par value at an Offer Price of TZS 750.00 per share, at the rate of One (1) New Ordinary Share for every One (1) Ordinary Share held as at 10th Nov, 2020. RIGHTS ISSUE INFORMATION MEMORANDUM ii TABLE OF CONTENTS CAUTION.................................................................................................................................... ii IMPORTANT NOTICE............................................................................................................... iii FORWARD LOOKING STATEMENT....................................................................................... vi DIRECTORS DECLARATION................................................................................................. vii DECLARATION OF THE NOMINATED ADVISOR............................................................. viii DEFINITIONS AND INTERPRETATIONS.............................................................................. ix CORPORATE INFORMATION................................................................................................. xi TRANSACTION ADVISERS.................................................................................................... xii CHAIRPERSON’S STATEMENT............................................................................................ xiii SECTION 1.0: FEATURES OF THE OFFER............................................................................ 1 SECTION 2.0: DETAILS OF THE RIGHTS ISSUE................................................................. 4 SECTION 3.0: PROFILE OF THE BANK................................................................................. 8 SECTION 4.0 ECONOMIC OVERVIEW................................................................................. 15 SECTION 5.0: CORPORATE GOVERNANCE, BOARD OF DIRECTORS AND SENIOR MANAGEMENT....................................................................................................................... 21 SECTION 6.0: RISK FACTORS.............................................................................................. 29 SECTION 7.0: STATUTORY AND GENERAL INFORMATION.......................................... 32 SECTION 8.0: REPORTING ACCOUNTANT REPORT....................................................... 41 SECTION 9.0: LEGAL OPINION............................................................................................ 59 SECTION 10.0: NOMINATED ADVISOR’S REPORT.......................................................... 67 SECTION 11.0: DETAILS OF THE NOMINATED ADVISOR.............................................. 70 Appendix I: Licensed DSE Dealing Members.......................................................................... 73 Appendix II: Licensed Investment Advisers............................................................................. 74 APPENDIX III: SAMPLE PROVISIONAL ALOTMENT LETTER (PAL)........................... 75 APPENDIX IV: SAMPLE ENTITLEMENT AND ACCEPTANCE FORM........................... 77 APPENDIX V: APPLICATION GUIDELINES....................................................................... 79 iii CAUTION This Prospectus has been prepared in compliance with the Capital Markets and Securities Act, Cap. 79 of the Laws of United Republic of Tanzania (Act, No. 5 of 1994); the Companies Act, Cap.212 of the Laws of United Republic of Tanzania (Act No. 12 of 2002). A copy of this Prospectus has been delivered to the Capital Markets and Securities Authority (CMSA) for approval and to the Registrar of Companies (BRELA) for registration. Approval of this Information Memorandum by the CMSA is not taken as an indication of the merits of the Mkombozi Commercial Bank PLC or its shares. The securities offered in this Information Memorandum have not been approved or disapproved by the CMSA. Prospective investors should carefully consider the matters set forth under the caption “Risk Factors” in this Information Memorandum. If you are in doubt about the contents of this Information Memorandum, you should consult your Investment Advisor, Stockbroker, Lawyer, Banker or any other Financial Consultant. iv IMPORTANT NOTICE This document is important and should be read in its entirety. If you are in doubt about the contents of this document or what action to take, you are advised to contact your Stockbroker, Investment Adviser, Financial Adviser, Banker or other relevant professional Adviser, who specializes in advising on the acquisition of shares and other securities. This Information Memorandum contains information that is provided in compliance with the requirements of the Companies Act 2002 of the Laws of Tanzania, the Capital Markets and Securities Act, Cap 79 of the Laws of Tanzania (Act No. 5 of 1994), the regulations of the Capital Markets and Securities Authority (CMSA) and the Rules of the Dar es Salaam Stock Exchange (DSE). This Information Memorandum is issued by Mkombozi Commercial Bank PLC (“the Bank” or “the Issuer”) and has been prepared in respect of the issue and subscription of the New Shares being issued under Mkombozi Commercial Bank PLC capital raising exercise (the “Rights Issue”) and subsequent listing of the New Shares on the Enterprise Growth Market Segment (EGM) of the DSE. This follows approvals of the Rights Issue by Shareholders through the meeting held on 25th May 2019 and by the Board through their meeting held on 29th April 2020. The Entitlement and Acceptance Form required for the subscription of the Rights Shares accompanies this Information Memorandum. The Offer will open at 9:00 am on 30th December 2020 and close at 4:00 pm on 30th January 2021. The application procedure has been set out in Section 2.4 of this Information Memorandum and in the accompanying Entitlement and Acceptance Form. The Offer shares applied for pursuant to the Offer will rank pari-passu in all respect with the existing issued ordinary shares of Mkombozi Commercial Bank PLC. The Offer shares will qualify for any dividend to be declared from year 2020 and onwards. The Board of Directors of the Company, whose names appear in section 5.4 of this Information Memorandum, have taken all reasonable care to ensure that the facts stated and the opinions expressed herein are true and accurate in all material respects, and there are no other material facts the omission of which would make any statement herein, whether of fact or opinion, misleading. The Board of Directors accepts responsibility for the information contained in this document. Abenry and Company Advocates, the Legal Advisers, have given and not withdrawn their written consent to the inclusion in this Information Memorandum of their Legal Opinion in section 9. This Information Memorandum contains the Reporting Accountant’s opinion in Section 8 from Claritas International, Certified Public Accountants (Tanzania) which constitutes a statement made by an expert in terms of Chapter V of the Companies Act. The Reporting Accountant have given and not withdrawn their consent to the issue of the said statement in the form and context in which it is included in this Information Memorandum. v FORWARD LOOKING STATEMENT This Information Memorandum contains “forward looking statements” relating to the Bank’s business. All statements, other than statements of historical fact are, or may be deemed to be forward-looking statements, including, without limitation, those concerning: strategy; the economic outlook for the industry; cash, costs, growth prospects and outlook for operations, individually or in the aggregate; and liquidity, capital resources, expenditure and the outcome and consequences of any pending litigation proceedings. These forward-looking statements are not based on historical facts, but rather reflect current views concerning future results and events and generally may be identified by the use of forward-looking words or phrases such as “believe”, “may”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “forecast”, “likely”, “should”, “would be”, “planned”, “estimated”, “potential” or similar words and expressions. Examples of forward-looking statements include statements regarding a future financial position or future profits, cash flows, corporate strategy, anticipated levels of growth, estimates of capital expenditures, acquisition strategy, future expansion projects or future capital expenditure levels and exchange rates, sales forecasts and parameters and other economic factors, such as interest rates and inflation. The Issuer cautions that forward-looking statements are not guarantees of future performance. Actual results, financial and operating conditions, liquidity and the developments within the industry in which the Issuer operates may differ materially from those made in, or suggested by, the forward-looking statements contained in this Information Memorandum. The prospective investors should keep in mind that any forward-looking statement made in this Information Memorandum is applicable only at the date on which such forward-looking statement is made. New factors that could cause the business of Mkombozi Commercial Bank PLC not to develop as expected may emerge from time to time and it is not possible to predict all of them. The Issuer has no duty to, and does not intend to update or revise the forward- looking statements contained in this Information Memorandum after the date of this Information Memorandum, except as may be required by law. vi DIRECTORS DECLARATION We, the Directors of Mkombozi
Load more

Recommended publications
  • Issn 0856 – 8537 Directorate of Banking
    ISSN 0856 – 8537 DIRECTORATE OF BANKING SUPERVISION ANNUAL REPORT 2017 21ST EDITION For any enquiries contact: Directorate of Banking Supervision Bank of Tanzania 2 Mirambo Street 11884 Dar Es Salaam TANZANIA Tel: +255 22 223 5482/3 Fax: +255 22 223 4194 Website: www.bot.go.tz TABLE OF CONTENTS ....................................................................................................... Page LIST OF CHARTS ........................................................................................................................... iv ABBREVIATIONS AND ACRONYMS ............................................................................................ v MESSAGE FROM THE GOVERNOR ........................................................................................... vi FOREWORD BY THE DIRECTOR OF BANKING SUPERVISION .............................................. vii CHAPTER ONE .............................................................................................................................. 1 OVERVIEW OF THE BANKING SECTOR .................................................................................... 1 1.1 Banking Institutions ................................................................................................................. 1 1.2 Branch Network ....................................................................................................................... 1 1.3 Agent Banking ........................................................................................................................
    [Show full text]
  • Trust Funds Presentation
    IFC MOBILE MONEY SCOPING COUNTRY REPORT: TANZANIA Margarete Biallas (with assistance from Alana Fook) TANZANIA SUMMARY - PAGE 1 CURRENT MOBILE MONEY SOLUTION Currently 5 mobile money solutions offered. POPULATION 51 million MOBILE PENETRATION 55% (high) BANKED POPULATION 19% through financial institutions, 40% overall [Source: World Bank FINDEX] PERCENT UNDER POVERTY LINE 28.2% (2012) [Source: World Bank] ECONOMICALLY ACTIVE POPULATION Workforce: 26.11 million (2015) [Source: CIA] ADULT LITERACY 70.6% of Tanzanians, age 15 and over, can read and write (2015) [Source: CIA] MOBILE NETWORK OPERATORS Vodacom (12.4 million subscribers) Tigo (11.4 million subscribers) Airtel (10.7 million subscribers) Zantel (1.2 million subscribers) There are smaller MNO’s eg Halotel (4%), Smart (3%) and TTCL (1%) but they are marginal and do not currently Market Readiness offer mobile money at this time. OVERALL READINESS RANKING The telcom sector has dramatically improved access Regulation 3 through mobile money. Over 40% of mobile money Financial Sector 3 subscribers are active on a 90-day basis. The financial Telecom Sector 4 sector has begun to incorporate agency banking into their channel strategies. Scope for improvements in Distribution 3 strategy formulation and execution exists. Distribution Market Demand 4 in rural areas is difficult as population density is low and infrastructure is poor. 4 (Moderate) Macro-economic Overview Regulations Financial Sector Telecom Sector Other Sectors Digital Financial Services Landscape MOBILE BANKING MARKET POTENTIAL
    [Show full text]
  • Q4 2016 Tanzania
    Q4 2016 www.bmiresearch.com TANZANIA COMMERCIAL BANKING REPORT INCLUDES 5-YEAR FORECASTS TO 2020 Published by:BMI Research Tanzania Commercial Banking Report Q4 2016 INCLUDES 5-YEAR FORECASTS TO 2020 Part of BMI’s Industry Report & Forecasts Series Published by: BMI Research Copy deadline: September 2016 ISSN: 2053-3020 BMI Research © 2016 Business Monitor International Ltd 2 Broadgate Circle All rights reserved. London EC2M 2QS All information contained in this publication is United Kingdom copyrighted in the name of Business Monitor Tel: +44 (0) 20 7248 0468 International Ltd, and as such no part of this Fax: +44 (0) 20 7248 0467 publication may be reproduced, repackaged, Email: [email protected] redistributed, resold in whole or in any part, or used Web: http://www.bmiresearch.com in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International Ltd accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Business Monitor International Ltd makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.
    [Show full text]
  • Tanzania Mortgage Market Update – 31 December 2020
    TANZANIA MORTGAGE MARKET UPDATE – 31 DECEMBER 2020 1. Highlights The mortgage market in Tanzania registered a 6 percent annual growth in the value of mortgage loans from 31 December 2019 to 31 December 2020. On a quarter to quarter basis; the mortgage market in Tanzania registered a 4 percent growth in the value of mortgage loans as at 31 December 2020 compared to previous quarter which ended on 30 September 2020. There was no new entrant into the mortgage market during the quarter. The number of banks reporting to have mortgage portfolios increased from 31 banks to 32 banks recorded in Q4 2020 due to reporting to BOT by Mwanga Hakika Bank the newly formed bank after merger of Mwanga Community Bank, Hakika Microfinance Bank and EFC Microfinance Bank. EFC Microfinance bank did not report in Q3-2020 due to revocation of their licence after the merger and the newly formed bank reported for the first time in Q4-2020. Outstanding mortgage debt as at 31 December 2020 stood at TZS 464.14billion1 equivalent to US$ 200.93 million compared to TZS 445.21 billion equivalent to US$ 192.81 as at 30 September 2020. Average mortgage debt size was TZS 78.56 million equivalent to US$ 34,010 (TZS 76.67 million [US$ 33,203] as at 30 September 2020). The ratio of outstanding mortgage debt to Gross Domestic Product (GDP) increased to 0.30 percent compared to 0.28 percent recorded for the quarter ending 30 September 2020. Mortgage debt advanced by top 5 Primary Mortgage Lenders (PMLs) remained at 69 percent of the total outstanding mortgage debt as recorded in the previous quarter.
    [Show full text]
  • Annual Report and Financial Statements for the Year Ended 31 December 2015
    ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 Annual Report and Financial Statements for the Year Ended 31 December 2015 1 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2009 2010 2011 2012 2013 2014 2015 2009-2015 (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted Number of Employees 28 37 38 81 86 87 128 Revenue (interest margin) 193,442 950,352 1,998,296 2,931,229 5,171,622 9,403,861 11,557,851 Operating income before expenses 202,498 1,287,834 2,570,459 3,522,378 6,021,892 10,951,557 13,023,720 Operating income after expenses (644,024) (635,097) 163,210 (632,361) 772,524 3,615,163 4,398,749 Profit/(loss) after tax for the year (470,018) (467,503) 37,405 (716,709) 119,019 1,650,203 953,465 Earning per share (6.98) (5.74) 3.68 (65.07) 80.05 10.81 46.25 Dividend - - - - - - - Lending 378,815 6,623,055 11,555,634 16,694,000 28,889,679 40,614,811 63,308,414 Total Investments 6,355,999 11,279,500 14,658,283 12,870,297 21,259,127 38,214,651 30,043,924 Depreciation and amortization 17,664 197,157 210,668 417,993 555,106 573,680 643,503 Cash and balance with BOT 563,360 2,950,878 4,384,435 5,506,854 8,974,998 11,652,381 13,411,053 Equity 6,734,148 8,142,966 10,161,953 11,013,784 11,013,784 20,615,272 20,615,272 Customer Deposits 2,195,416 16,420,402 21,923,374 28,300,036 49,780,083 72,081,276 83,733,148 Other Liabilities 240,394 1,537,900 2,459,514 2,458,526 2,934,037 2,999,826 3,861,120 Balance Sheet Total 8,699,940 25,163,747 33,644,727 40,155,521 64,023,179 96,625,771 111,315,402 Memo Items Average Exchange Rate TZS/USD 1,313 1,452 1,567 1,572 1,574 1,725 2,008.16 Year Comperative 80,0000 70,000 60,0000 50,0000 40,0000 30,0000 20,0000 10,0000 2009 2010 2011 2012 2013 2014 2015 Deposits Lending Capital 2 Mkombozi Commercial Bank PLC WE ARE NOW IN MOROGORO It’s high time now to free yourself from stress banking Mkombozi Commercial Bank’s wide range of services makes banking easier and more convenient than ever for all our customers.
    [Show full text]
  • Annual Report 2017-2018 Download
    C A P IT A L M A R K E T S A N D S EC UR IT IES AU TH ORI TY (C MSA) ANNUAL 2017 -2018 REPORT 1 ANNUAL REPORT 2017 -2018 CAPITAL MARKETS AND SECURITIES AUTHORITY Establishment of the Capital Markets and Securities Authority (CMSA) The Capital Markets and Securities Authority (CMSA) became operational in the 1995/1996 Financial Year. The establishment of CMSA followed comprehensive financial sector reforms in the early 1990s aimed at developing among others capital markets in Tanzania. The development of capital markets enable provision of appropriate mechanism for mobilizing long term savings and ensuring efficient allocation of resources to productive sectors and in that way stimulate economic growth. The capital market in Tanzania is governed by the Capital Markets and Securities Act, Chapter 79 R.E. 2002 (CMS Act). The CMS Act is supplemented by 19 Regulations and Guidelines governing various aspects of the capital markets. Given that the capital markets industry is dynamic in nature, regular review, among other things, of the legal framework had been undertaken in order to keep pace with developments in the industry. In the financial year 2017/2018, the CMSA continued with the review of the Capital Markets Act with a view to developing proposals for a new Act that addresses identified challenges. Furthermore, following the enactment of the Commodity Exchanges Act 2015, the CMSA is also mandated to supervise, develop and regulate the commodity exchanges sector in Tanzania. The Commodity Exchanges Act is supplemented by the Commodity
    [Show full text]
  • Download This PDF File
    Financial Development and Private Sector Investment in the Post-Financial Liberalization Era in Tanzania Francis LWESYA1, Ismail J. ISMAIL2 1 University of Dodoma, PO. BOX 1208, Dodoma, TZ; [email protected] (corresponding author) 2 University of Dodoma, PO. BOX 1208, Dodoma, TZ; [email protected] Abstract: This paper examines the relationship between financial development and private sector investment in the post-financial sector liberalization episode in Tanzania. The proxies for financial development were the financial market depth index and financial institutions depth index. Applying Autoregressive Distributed Lag (ARDL) technique, the results show the nexus between financial development and private sector investment in Tanzania. We find that the financial market depth index has a positive and significant impact on private sector investment in the long run but not in the short run. This is linked to the underdevelopment of capital markets in Tanzania at present. Similarly, we find that the financial institution depth index positively and significantly impacts private sector investment in both the long and short run. The degree of openness of the economy recorded a positive and significant impact on private investment in both periods suggesting that it has played a critical role in the financial development and growth of the private sector in Tanzania. In contrast, we observe that the real exchange rate has recorded a negative and significant impact on private investment in the long and short run. This suggests that appreciation of the real exchange rate had a negative impact on private investment. We recommend increasing financial openness and reinforcing the financial regulatory reforms to widen and deepen the financial system that can effectively support the mobilization of short, medium, and long-term finance for private sector investment.
    [Show full text]
  • Proceedings of the 50Th Anniversary of Bank of Tanzania Anniversary of Bank of Tanzania of Bank Anniversary Th Proceedings of the 50 Proceedings
    PROCEEDINGS OF THE 50TH ANNIVERSARY OF BANK OF TANZANIA ANNIVERSARY OF BANK OF TANZANIA OF BANK ANNIVERSARY TH PROCEEDINGS OF THE 50 PROCEEDINGS PROCEEDINGS OF THE 50TH ANNIVERSARY OF BANK OF TANZANIA a © Bank of Tanzania. All rights reserved. For any enquiry please contact: Director of Economic Research and Policy Bank of Tanzania, 2 Mirambo Street 11884 Dar es Salaam Telephone: +255 22 223 3328/9 Fax: +255 22 223 4060 Email: [email protected] This book is also available in PDF at: http://www.bot.go.tz TH b PROCEEDINGS OF THE 50 ANNIVERSARY OF BANK OF TANZANIA Table of Contents Governor’s Foreword .............................................................. iii 4.2 Panel Discussions .................................................. 27 Acknowledgements .............................................................. iv 4.3 Governor’s Closing Remarks ................................... 29 Chapter 1 ................................................................................. 1 Chapter 5 ................................................................................ 31 Introduction ........................................................................... 2 Anniversary at Bank of Tanzania Branches ......................... 32 Chapter 2 ............................................................................... 3 APPENDIX ................................................................................ 35 Sports Bonanza and Charity Walk ........................................ 4 List of Dignitaries and Participants to the Climax Event
    [Show full text]
  • Mkombozi Commercial Bank
    ISSUED PURSUANT TO REGULATIONS 7 AND 8 OF THE BANKING AND FINANCIAL INSTITUTIONS (DISCLOSURES) REGULATIONS, 2014 PUBLICATION OF FINANCIAL STATEMENTS MKOMBOZI COMMERCIAL BANK PLC CONDENSED STATEMENT OF FINANCIAL CONDENSED STATEMENT OF CASH FLOW STATEMENT POSITION AS AT 31ST DECEMBER 2018 FOR THE QUARTER/ YEAR ENDED 31ST DECEMBER 2018 (Amounts in million shillings) (Amounts in million shillings) Year Ended Year Ended Current Year Comparative Year 31st Dec 2018 31st Dec 2017 31st Dec 18 31st Dec 17 I: Cash ow from operating activities: A. ASSETS 1 Cash 5,833 4,950 Net income(loss) 1,410 1,945 2 Balances with Bank of Tanzania 11,646 10,135 Adjustments for: 3 Investments in Government securities 27,793 15,517 - Impairment/Amortization 3,981 1,532 4 Balances with other banks and nancial institutions 9,001 6,264 - Net change in Loans and Advances (17,230) (7,999) 5 Cheques and items for clearing 37 - - Gain/loss on Sale of Assets - - 6 Inter branch oat items - - - Net change in Deposits 15,345 18,565 7 Bills negotiated - - - Net change in Short Term Negotiable Securities 3,745 2,506 8 Customers’ liabilities for acceptances - - - Net change in Other Liabilities 2,594 (40) 9 Interbank Loans Receivables 15,905 25,144 - Net change in Other Assets 11,171 (533) 10 Investments in other securities 2,002 - - Tax Paid (716) (308) 11 Loans, advances and overdrafts - - - Others SMR (1,279) 989 (net of allowances for probable losses) 99,036 81,806 Net cash provided (used) by operating activities 19,021 16,659 12 Other assets 3,195 3,485 II: Cash ow from investing activities: 13 Equity Investments 539 39 Dividend Received - - 14 Underwriting accounts - - Purchase of Fixed Assets (2,161) (1,377) 15 Property, Plant and Equipment 3,845 3,334 Proceeds from Sale of Fixed Assets 16 TOTAL ASSETS 178,831 150,674 Purchase of Non- Dealing Securities (12,277) (2,791) Proceeds from Sale of Non-Dealing Securities - - B.
    [Show full text]
  • Financial Service Provider Inventory Scan the FINANCING POTENTIAL
    Financial Service Provider Inventory Scan THE FINANCING POTENTIAL OF THE SEED SECTOR IN SUB-SAHARAN AFRICA Activity Title: Feed the Future Global Supporting Seed Systems for Development activity Activity start date and end date: Aug 24, 2018 – Aug 23, 2023 Cooperative agreement number: 7200AA18LE00004 Document title: The Financing Potential of the Seed Sector in Sub-Saharan Africa Publication date: September 30, 2019 Author’s name: Opportunity International Sub-Grantee’s name: Opportunity International Sponsoring USAID office: LOC Unit, Federal Center Plaza (SA-44)/M/CFO/CMP Technical office: USAID/RFS/CA AOR name: Daniel Bailey Activity Goal: Improved functioning of the high-impact integrated seed systems Language of document: English Submitted on behalf of: Opportunity International Submitted by: Nikaj van Wees, Chief of Party S34D activity Catholic Relief Services 228 West Lexington Street, Baltimore, MD 21201 [email protected] 1 Cover page photo credit: Georgina Smith, CIAT DISCLAIMER This report was made possible by the generous support from the American people through the U.S. Government's Feed the Future initiative and the United States Agency for International Development through Cooperative Agreement 7200AA18LE00004. The contents are the responsibility of Catholic Relief Services and do not necessarily reflect the views of USAID or the United States Government. Feed the Future Consortium Partners in the Feed the Future Global Supporting Seed Systems for Development activity: 2 Table of Contents Table of Figures ..........................................................................................................................
    [Show full text]
  • Mekonsult Faida Securities Limited
    MEKONSULT FAIDA SECURITIES LIMITED SERVICE PROFILE About the company Mekonsult Faida Securities Limited is an investment advisory and corporate finance company registered under the Companies Act of 2002 with registration number 51295. The company is licensed by Capital Market and Securities Authority (CMSA) to undertake Nominated Advisory services under the Capital Market of Tanzania through the Enterprise Growth Market segment of the Dar es Salaam Stock Exchange. The company is an associate of HLB Mekonsult, member of HLB international - a worldwide network of accounting firms and business advisors. Our Services: Nominated Advisor Through our team of professional and committed management team, we are aspired to assist businesses to raise funds through capital market under the Enterprise Growth Market (EGM) of Dar es Salaam Stock Exchange. Our in-depth knowledge and understanding of the capital market will assist your business in meeting the increasingly sophisticated business needs through venturing or partnering with active investors in the capital market. For companies’ intending to raise fund/capital through EGM, we assist on: Lead advisor throughout the listing process Preparation of the listing documents – including information memoranda and Prospectuses Business Assessment Due Diligence reviews Corporate restructuring & financing Staffing and management restructuring Advice on system, procedures and controls Ongoing (post-listing) advisory as per the CMSA rules and procedures for the EGM segment Ongoing services: We keep in touch through regular contacts Review of Notifications from various regulators and stakeholders Monitoring of trading Advice on ongoing compliance Corporate Finance We work across a wide range of industries and our local knowledge on international transactions is underpinned by the international networks to which we belong – HLB international, a worldwide network of accounting firms and business advisors.
    [Show full text]
  • Tanzania Banking Sector Overview a Review of the 2020 Calendar Year Table of CONTENTS
    Tanzania Banking Sector Overview A review of the 2020 calendar year Table of CONTENTS Page 4 Introduction Page 11 Sector Overview Page 22 Asset Quality and Funding Structure Page 25 Profitability Page 28 Efficiency Page 33 Capital Adequacy and Liquidity Page 36 Appendices 2 Banking sector overview Introduction 1 Introduction Banking Sector Overview ► Despite a marginal decline in growth in 2020 as a result of the COVID-19, the banking sector remained resilient growing at 4.1% in the year. ► Digital banking services continue to expand driven by increasing financial inclusion and mobile penetration rate. In May 2020, BOT increased MNOs’ daily transaction limit to customers from TZS3.0m to TZS5.0m and daily balance from TZS5.0m to TZS10.0m to encourage the use of digital payment platforms for transactions. Interoperability in mobile money services has also contributed to the overall growth of total mobile money transactions of 6.9% in transaction value. The number of active registered accounts for mobile money stood at 29.4m at the end of December 2020, compared with 24.4m and 27.2m at the end of December 2019 and June 2020, respectively. ► In the wake of the pandemic, BOT continued to take a series of policy measures to bolster the banking sector, including cutting the discount rate from 7.0% to 5.0% and reducing the statutory minimum reserves (SMR) requirement from 7.0% to 6.0% effective from 8th June 2020, to support the increase in market liquidity. Beyond this, the central bank is focused on tightening up banking supervision and encouraging industry consolidation to enhance its stability and operating efficiency.
    [Show full text]