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Government offers shares in Tonga Development Bank [1]

Nuku'alofa, Tonga

Thursday, February 13, 2014 - 23:15.  Updated on Friday, February 14, 2014 - 19:53.

The Tongan Government, the sole shareholder in the Tonga Development Bank TDB is offering for sale 560,000 or 40% of its shares "at a share price to be negotiated, but not less than TOP$10 per share." 

The Ministry of Public Enterprises in a statement today, said that the purchaser or investor, in addition to buying the shares must deposit not less than TOP$15 million with the TDB for an initial term of five years, under the bank's prevailing interest rate. This investment should also be made extendable for another five years.

The prime purpose for the sale of government shares, according to the Ministry of Public Enterprises "is to establish an avenue for the provision of funds for national development."

The sale of government shares is open until 4:00pm 28 February 2014.

Tonga [2]
Tongan [3]
Tonga Development Bank [4]
Tonga Bank [5]
Tonga Government [6]
Economy [7]
public enterprise [8]
Business [9]
Source URL:https://matangitonga.to/2014/02/13/government-offers-shares-tonga-development-bank

Links
[1] https://matangitonga.to/2014/02/13/government-offers-shares-tonga-development-bank [2] https://matangitonga.to/tag/tonga?page=1 [3] https://matangitonga.to/tag/tongan?page=1 [4] https://matangitonga.to/tag/tonga-development-bank?page=1 [5] https://matangitonga.to/tag/tonga-bank?page=1 [6] https://matangitonga.to/tag/tonga-government?page=1 [7] https://matangitonga.to/tag/economy?page=1 [8] https://matangitonga.to/tag/public-enterprise?page=1 [9] https://matangitonga.to/topic/business?page=1