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TOL Gases Limited Rights Issue Oversubscribed

27 March 2014

The TOL Rights Issue shares received oversubscription which is seen as a signal of the investors' confidence on the local owned gas company which has recently moved from loss making into profit making position. Despite the fact that TOL has never paid any dividend since it was listed in 1998, the shareholders still have confidence on the company's future outlook.

The local owned gas company intended to raise TZS 4.47 billion from the sale of 18,611,843 shares at a price of TZS 240 in a ratio of 1 new share for every 2 existing shares, but end up collecting TZS 5.93 billion. The company accepted application for 18,611,803 new shares which is equivalent to TZS 4.47 billion. The excess amount received was refunded to shareholders between 10th - 21st March 2014.

The new shares are now listed on the Dar Es Salaam Stock Exchange and shareholders can trade on the shares through Licensed Brokers. Shareholders who applied for the Rights issue shares can collect their Depository Receipt through their respective Receiving Agents. For shareholders who submitted their application through receiving bank, they can collect their Depository Receipt from TOL Gases Limited Offices in Dar es Salaam.

TOL Gases Limited made a Rights issue to raise funds to finance major refurbishment of its ASPEN 1000 plant, commissioning of Argon plant, purchase of other associated equipments such as standby generator and storage tanks for liquid Nitrogen and Liquid Oxygen. The results of the Rights Issue means that TOL can now implement its development plan which are in line with its turnaround strategy.