The Prepaid Economy: African Edition

Tanzania Breweries share sale was oversubscribed by 145 per cent as investors bought into the offer on expectations that the brewer will continue posting strong earnings.

East African Breweries (EABL) was able to raise the $76.6 million it was looking for from the sale of a 20 per cent stake in TBL through an initial public offering at the Dar es Salaam Stock Exchange. The IPO received applications from 2,081 individuals and institutions for a total of 144.4 million shares against the 58.9 million shares on offer. Each share was selling for $1.30.

Brokers and transaction advisers to the offer said the demand for the shares was from both local and international investors buoyed by TBL’s growth prospects in the Tanzanian market.