Tanzania's NM Bank IPO

The good news is that the initial public offering of Tanzania's National Microfinance Bank (NMB) is underway after several years of delay. The not so good news is that the sale is only open to local investors. Shares went on sale on August 18 and will start trading on the Dar es Salaam Stock Exchange (DES) on October 31. A 21% stake in the bank is up for grabs and 105mn shares will be sold at TZS600 (US$0.52) per share. NMB plans to use the proceeds to double the number of automated teller machines it has on its

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