Maynilad drops IPO price by 25% due to weak demand

Maynilad Water Services [MYNLD pre-IPO] [link] reduced the maximum price for its initial public offering to P15 per share, from P20 previously, after securing commitments from two cornerstone investors: the International Finance Corp. (IFC) of the World Bank Group and the Asian Development Bank (ADB). The adjustment trimmed the value of MYNLD’s maiden share sale to P34.33 billion, from P45.8 billion before. Ramoncito Fernandez, company president, said IFC and ADB pledged to invest up to $245 million combined at as much as P15 per share. Fernandez added there were other cornerstone investors but declined to give details. MYNLD, which pushed back its target listing date to ‘not later than’ Nov. 7, 2025 from 31 Oct. 31, 2025, will announce its final offer price on Oct. 20, 2025.

MB bottom-line: IFC and ADB have an appetite for infrastructure plays that is not turned off by the sour taste of political risk. They aren’t on a three-to-seven year private equity timeline to deliver results. They’re not (generally) accountable to limited partners in the way that a private fund would be if a ‘prestige’ investment like this went back and lost the fund money. This price drop affirms my suspicion that market players are looking at this as a potentially ‘heavy’ offering. Bad timing (the market sucks, government is distracted). Weak story (it’s limping to market in order to comply with its concession agreement). I guess the silver lining is that MYNLD could pick up the Villar Family’s bulk water assets, but their recent quotes in response to that opportunity didn’t inspire confidence in MYNLD’s strategic approach to post-IPO growth. MYNLD might be a good investment for some under certain circumstances, but given what I know, I’m just not impressed with the risk/reward of what’s on offer, even at the new price.

CRDB Bank secures record $200m loan as global lenders oversubscribe facility

Dar es Salaam. CRDB Bank has raised $200 million in its latest syndicated loan facility after international lenders committed a record $567 million, more than double the targeted amount.

The strong demand underscores growing global confidence in one of Tanzania’s largest s and the East African economy. The loan CRDB’s fourth since 2022 was co-arranged by Investec Bank and Intesa Sanpaolo.

Initially structured as a two-year $100 million facility, it was upsized to $200 million following overwhelming interest from investors. “As a sign of continued market confidence in CRDB Bank and the future potential of the East African economy, the syndicated term loan facility was again oversubscribed,” said Marc Kohne, Head of Africa Leveraged Finance at Investec Corporate and Institutional Banking.

According to the arrangers, commitments reached $416.5 million for the one-year tranche and $151 million for the two-year tranche, marking the highest uptake since the syndication programme began. Investor appetite has grown steadily over four years: commitments rose from $130 million in 2022, to $202 million in 2023, and $247 million in 2024, culminating in this year’s record figure.

“The lender pool has expanded from 13 institutions in 2022 to 30 in 2025, including new entrants from South Africa and Nigeria’s Africa Finance Corporation,” noted Rowan King, Investec’s Head of Africa Business Development. Boost for regional growth CRDB Bank Group CEO Abdulmajid Nsekela said the oversubscription highlights confidence in both the bank and Africa’s long-term growth prospects.

“The consistent oversubscription of our funding rounds reflects the world’s growing confidence in Africa’s economic future. The record $567 million bid highlights Africa’s rising status as a destination for sustainable growth and opportunity, with CRDB Bank proud to play its part in unlocking this potential,” he said.

The $200 million loan will provide working capital for CRDB’s corporate and SME lending portfolios in Tanzania and Burundi, including project and infrastructure finance linked to the commodities sector. Nsekela added that Moody’s recent B1 rating with a stable outlook reinforced lender confidence and strengthened CRDB’s position among Africa’s top financial institutions.

Intesa Sanpaolo’s Gustaaf Eerenstein praised the facility as “a positive reflection on Tanzania” and a testament to CRDB’s strong track record. Since its first syndication in 2022, CRDB has steadily grown facility sizes from $130 million to $200 million, representing a compound annual growth rate of 15.44 percent.

Founded in 1996 and listed on the Dar es Salaam Stock Exchange in 2009, CRDB Bank today holds assets worth over $5 billion. It operates in Tanzania, Burundi, and the Democratic Republic of Congo, and also runs CRDB Insurance and the CRDB Bank Foundation .

Matimco House of Wood showroom opens in BGC

The opening of the Matimco House of Wood showroom at Bonifacio Global City’s Uptown Palazzo in Taguig marks a new milestone in the company’s journey.

More than just a store, it is an immersive destination where Filipinos can experience the artistry, innovation, and versatility of Matimco’s wood solutions.

The House of Wood embodies Matimco’s commitment to delivering a refreshed and elevated wood experience – one that inspires creativity and allows homeowners to visualize how wood can transform every corner of their home.

At the grand opening, the company also unveils its newest brand innovation: MasterCraft Cabinetry – a premier line of customized modular cabinetry that brings world-class craftsmanship into modern Filipino homes.

MasterCraft elevates cabinetry with a blend of timeless design, precision engineering, and advanced European technology. Through its partnership with one of the world’s largest cabinet manufacturers, MasterCraft ensures unmatched quality, structural integrity and refined detail in every product.

From kitchens and wardrobes to vanities, doors, windows, countertops, wall panels, and furniture, MasterCraft Cabinetry transforms every corner of the home into a space that is masterfully designed and enduringly crafted.

The House of Wood Grand Opening is more than a showroom launch, it represents Matimco’s continuing evolution as a leader in wood innovation.

The unveiling of MasterCraft Cabinetry completes the company’s vision of providing total home solutions where every detail, from floors to doors to cabinetry, is crafted with precision and excellence.

MasterCraft will also be unveiled in Matimco’s flagship Mandaue Showroom in Cebu later this month – a much-anticipated expansion that will bring this innovation closer to more Filipino families.

Protect our children: NGOs warn of election risks ahead of October 29

Dar es Salaam. With the October 29 General Election fast approaching, advocacy groups have raised concerns that while elections are meant to strengthen national unity, they too often put the country’s youngest citizens at grave risk, prompting an urgent call for their protection.

In a joint press statement issued on Friday, October 2, 2025, the groups said children must not be left as silent victims of politics. My Legacy Programme Coordinator, Ms Amina Ally, who read the statement on behalf of the National Safe School Coalition (NSSC), a network of 20 civil society organisations, said children’s safety, dignity, and best interests must remain a non-negotiable priority before, during, and after the polls.

The appeal, signed by groups including HakiElimu, Save the Children, TAMWA, and TEN/MET, underscores a pressing reality. Children in Tanzania, defined under the Law of the Child Act 2009 and the Children’s Act No.

6 of 2011 (Zanzibar) as all persons under 18, are among the most vulnerable during politically charged times. The caution comes with a dark historical backdrop.

Previous election cycles have been marred by violence, and in the mid-2000s, children with albinism were killed in brutal attacks linked to witchcraft beliefs that escalated during campaigns. Although Tanzania has since made progress in combating such atrocities, the memory remains raw.

“We cannot afford to repeat history. Every child lost to superstition or violence is a national failure,” warned Ms Ally.

Human rights data highlights the scale of risk. According to the Tanzania Human Rights Defenders Coalition, at least 76 children with albinism were killed between 2006 and 2015, with dozens more surviving mutilation.

While security measures have curbed the attacks in recent years, election periods remain “red zones” for potential resurgence. During polls, parents and guardians are often preoccupied with campaigns and voting, leaving children unattended.

Large gatherings and rallies can quickly turn volatile, exposing minors to danger. Some children are exploited by being mobilised for political activities, in direct violation of the Child Act.

Others suffer psychological trauma after witnessing unrest. Commenting on the development, veteran gender and child rights advocate Dr Ruth Kuhenga said the risk is real.

“The heightened political tension can create unsafe environments where children are either neglected or deliberately targeted. Communities, media, and political actors must be vigilant,” she said.

A call for action As Tanzania prepares for the October 29 General Election, a coalition of civil society groups has urged all sectors of society to safeguard children. The coalition calls on civil society to integrate child rights into voter education, document violations, and offer psychosocial support.

Media must amplify children’s voices while avoiding harmful reporting that could incite violence. Political parties and candidates should keep children away from campaign activities and adopt manifestos addressing education, health, and protection, said Ms Ally, adding that parents and communities must remain vigilant at polling stations and rallies.

Government authorities, the coalition reminded, are legally bound by the UN Convention on the Rights of the Child and the African Charter on the Rights and Welfare of the Child to protect children. “Elections should embed child safeguarding measures,” said a child rights expert, Mr Edwin Sungura.

UNICEF Tanzania emphasises that the move was vital for the future of the country’s democracy. .

US Senate reso reaffirms MDT with the Philippines, condemns China’s aggression

A bipartisan group of United States senators has filed a resolution recognizing the 74th anniversary of the Mutual Defense Treaty with the Philippines and condemning China’s recent actions in the West Philippine Sea, including its repeated harassment of Coast Guard vessels.

Senate Resolution 409, introduced on September 18 by Sen. Pete Ricketts of Nebraska with 11 co-sponsors from both parties, condemned what it called Beijing’s ‘unprovoked aggression and political lawfare’ and reaffirmed that the MDT covers attacks against Philippine forces, vessels, and aircraft ‘anywhere in the South China Sea.’

The resolution points to a string of incidents in 2024 and 2025 that show China’s increasing assertiveness. This includes the incident in April this year where the Chinese Coast Guard temporarily deployed on Sandy Cay – an unoccupied reef just two miles from Pag-asa Island, the Philippines’ largest outpost in the Spratlys – and planted a Chinese flag.

Mentioned as well in the resolution is the August 11 incident near Scarborough Shoal where a China Coast Guard ship executed a dangerous maneuver and collided with a Chinese Navy vessel as both moved to block and harass a Philippine Coast Guard ship on a humanitarian mission.

In its text, the Senate measure also condemned China’s repeated use of water cannons, blockades and ‘military-grade lasers’ to obstruct Philippine resupply missions at Ayungin Shoal – a familiar tactic in 2023 before both sides signed a deal to de-escalate – and rejected Beijing’s proposed ‘national nature reserve’ at Scarborough Reef as coercive and destabilizing.

The resolution urges the White House to ‘take appropriate and necessary actions’ to counter Chinese escalation and commits the United States to expand joint patrols, training, cyber operations and support for Philippine defense modernization.

It also calls for greater cooperation with Japan, South Korea, and Australia to strengthen deterrence and uphold freedom of navigation in the region.

The Philippines and the US signed the MDT in 1951, establishing that both countries would consult and act in case of external armed attack in the Pacific.

It serves as the foundation for subsequent defense agreements, including the Enhanced Defense Cooperation Agreement (EDCA), which Manila expanded in 2023 to allow the creation of four new sites.

The Senate resolution follows a year of close cooperation between the Philippines and the US on security and defense. In May, Balikatan 2025 featured the first deployment of the US Navy-Marine Expeditionary Ship Interdiction System (NMESIS) in the Philippines. In March, US Defense Secretary Pete Hegseth visited Manila on his first Indo-Pacific trip and pledged stronger support for the Philippines’ defense industry.

How Sh4.15trn projects will end water supply problems

Dar es Salaam. When President Samia Suluhu Hassan pledged to “remove the water bucket from the woman’s head,” her words signalled a shift in Tanzania’s water policy.

That vision is now materialising, with the government investing heavily in water supply through more than 100 projects nationwide. Among them are 25 strategic schemes worth S.

15 trillion, designed to permanently address water scarcity in both urban and rural communities, according to data from the Ministry of Water. From Arusha to Mtwara, Tabora to Kigoma, Dodoma to Dar es Salaam, the projects are easing the burden of water collection, long carried by women and children.

The Arusha Water Supply Project, costing Sh520 billion, benefits about 850,000 residents by producing 200 million litres daily. Completion will see urban water access rise to 91.6 percent, while rural coverage reaches 83 percent.

The government aims for 95 percent urban and 85 percent rural access by 2030. In Kilimanjaro and Tanga, the SameMwangaKorogwe Project worth S06 billion serves 300,000 residents with 51.65 million litres daily. The Kidunda Dam in Morogoro (Sh335 billion) will serve 6.

77 million people by storing 190 billion litres and stabilising Ruvu River flows, reinforcing supply to Dar es Salaam and Coast Region. The TaboraNzegaIgungaSingida Project (Sh602 billion) will benefit 1.

2 million people with 54.1 million litres daily. Other schemes include the Bunda Project (Sh29.5 billion), supplying 15 million litres daily to 320,000 residents, and the KintinkuLusilile Project (Sh13 billion), supplying 6.

5 million litres daily to 55,000 people in Singida. Phase I of the Lake VictoriaDodomaSingida Project (Sh326 billion) targets 1.

5 million residents with 200 million litres daily. In Mara, the MgangoKiabakariButiama Project (Sh70.9 billion) covers 13 villages, producing 2 million litres daily.

The Chalinze Phase III Project, funded by India at Sh96 billion, is 96 percent complete. “It serves over 200,000 residents in Chalinze, Handeni and parts of Morogoro, expanding daily output from 500,000 litres to 2 million litres,” reads the statement from the Ministry.

In southern Tanzania, Mtwara projects (Sh87 billion) will supply 40 million litres daily to 600,000 residents, while the RuangwaNachingwea Project in Lindi (Sh119 billion) will serve 200,000 residents with 15 million litres daily, addressing saline water challenges. Urban demand is also being prioritised.

The Kigamboni Phase II Project (Sh65 billion) will serve 250,000 residents with 20 million litres daily through seven deep wells, a 15-million-litre storage tank and a 20-km distribution network. The Butimba Project in Mwanza, valued at Sh71 billion, will supply 48 million litres daily to 450,000 residents by 2025, supported by AFD, the EIB and the EU-Africa Infrastructure Trust Fund.

Other urban schemes include Chamwino (Sh13.5 billion), Nanyumbu (Sh80 billion), Kigoma (S2 billion), Chato (Sh65 billion), Makambako (S2 billion) and Singida (S5 billion), with production ranging from 3 to 15 million litres daily. Some projects incorporate climate-resilient designs.

The Simiyu Resilience Project (Sh500 billion) will serve 495,000 residents plus 2.5 million dependents, producing 30 million litres daily.

In Morogoro, a Sh185 billion project upgrades Mindu Dam and builds a new treatment plant at Mafiga, boosting production to 89 million litres daily. .

SEC urges agribusinesses to tap capital market

The Securities and Exchange Commission (SEC) is urging agribusinesses to tap the capital market for their funding needs, as the process for securities registration for the industry has been streamlined by the commission.

Corporations engaged in agribusiness are encouraged by the SEC to avail themselves of the Securing and Expanding Capital for Farms and Agribusiness Related Modernization Schemes (SEC FARMS) program which eases securities registration for the industry.

Under SEC FARMS, the SEC is required to review the registration statements of agribusiness firms within 28 days from the filing date, subject to the commission’s guidelines.

Through the scheme, agribusinesses may raise up to P500 million in funds per project.

‘We know that agriculture is the backbone of our economy – it feeds our people and sustains millions of families. Yet farmers and agribusinesses have often been left with little water to grow – the water here being capital or financing,’ SEC chairperson Francis Lim said.

‘SEC FARMS is our way of irrigating that field, making sure resources reach those who need them most so you can modernize, expand and thrive,’ he said.

SEC FARMs was enacted through SEC Memorandum Circular 8, Series of 2023, easing the registration process for the securities of agri-businesses in a bid to boost investor participation and drive growth in the industry.

‘Think of SEC FARMS as a new set of farming

tools – lighter, sharper and more efficient. With the right tools, your hard work will yield bigger harvests, not just for your families but for the whole nation,’ Lim said.

‘We are only at the start of this journey, but with your participation, I believe SEC FARMS can make Philippine agriculture more productive, competitive and sustainable,’ he said.

Samia sets 2030 target for Hanang’s wheat to hit one million tonnes

Manyara. The Chama Cha Mapinduzi (CCM) presidential candidate, President Samia Suluhu Hassan, has declared an ambitious target for Hanang’ District to produce one million tonnes of wheat annually by 2030, aiming to position the area as Tanzania’s agricultural powerhouse in grain production.

Addressing a rally in Katesh, Hanang’, on Friday, October 3, 2025, President Hassan asserted that the region’s vast and fertile land must no longer be underutilised. Instead, it should be transformed into a wheat production hub capable of feeding the nation and significantly contributing to export markets.

“Our vision is crystal clear: by 2030, Hanang’ alone should be producing one million tonnes of wheat every year. You possess the land, the knowledge, and now, with government support, you will have the necessary tools.

This is absolutely possible,” said the CCM candidate as she intensified her election campaign. Her remarks generated excitement among the crowd, especially since Hanang’ has long been associated with large-scale wheat farming but has faced setbacks in recent years due to underutilised land and limited investment.

She assured farmers that the government would continue providing subsidised fertilisers and inputs to raise productivity and revive the district’s agricultural dominance. Significantly, President Hassan issued a stern warning to absentee landholders and private investors who have acquired vast farming blocks in the district but consistently failed to develop them.

“We shall follow up on these idle lands. If you possess land and are not using it, we will reclaim it and return it to the people of Hanang’ who are ready to farm,” she boldly said.

Hanang’, a district still recovering from the trauma of recent devastating mudslides that claimed numerous lives and displaced families, was described by President Hassan as a symbol of strength and resilience. She publicly thanked the community for standing strong and undertaking rapid rebuilding efforts.

“In life, we are invariably struck by tragedy, but we pick ourselves up and move forward. That is precisely what you have achieved here,” she said.

President Hassan also highlighted various other development milestones in the district, including vital infrastructure projects, health, education, and business opportunities. She mentioned the newly constructed modern bus terminal in Katesh, urging residents to view it not merely as a place to board vehicles but as a dynamic commercial hub.

“That bus stand is also a business centre. Use it to trade, earn income, and effectively grow your local economy,” she counselled.

She further announced that the government had committed to upgrading key road networks in the area, including the 39-kilometre NangwaIsambalaKondoa road and the 38-kilometre MogituHaidom road, both of which are slated to be constructed to all-weather, sealed standards. “Whether in the dry season or the rains, these roads will be fully usable all year round,” she assured the residents of the area.

In the health sector, President Hassan noted that over Sh7 billion had been successfully injected into constructing and upgrading health centres in Maskarada, Edesapi, Nangwa, Basutu, and Kisambala. For education, she cited projects worth over Sh16 billion, including the newly built Dr Samia Secondary School and the Chifu Satya School.

Livestock keepers were also prioritised, with the ruling party’s candidate confirming that Tanzania had secured markets for both live animals and meat products, but warned that these opportunities required strict compliance with international health standards. She said subsidised vaccination and livestock identification were now in place to ensure traceability and secure access to foreign markets.

“We have provided these essential services at a subsidy so that, at any moment an opportunity arises, our herders are ready, every animal known, documented, and fully vaccinated,” she said. In support of the local meat trade, livestock markets in Katesh, Basodesh, and Endagao have been thoroughly renovated, and buyers are now able to access animals in hygienic and proper conditions.

“Now, if someone wishes to buy a live cow, they can do so comfortably and hygienically,” she noted. CCM’s parliamentary candidate for Hanang’, Ms Asia Halamga, praised the party’s presidential candidate and publicly thanked her government for investing substantially in the district’s comprehensive development.

She detailed numerous crucial projects undertaken under President Hassan’s administration, including rapid classroom construction, electricity expansion, and new water projects. “Dr Samia, you have given us more than Sh20 billion for electricity alone.

We now genuinely see the light. And you have built health centres, roads, and schools.

Even our new court building is rising, thanks entirely to your direct support,” said Ms Halamga. In closing, President Hassan appealed to all citizens to reflect deeply on what had been achieved so far, and to place their trust once again in the ruling CCM.

“We came here today to ask for your crucial votes. We served you diligently for the last five years.

And if you grant us five more, we shall go even further,” she affirmed. .

Sleat sparks Altas to win over Stags

University of Perpetual Help was in desperate need of a burst of energy that it thoroughly lacked in last year’s NCAA season.

Enter Patrick Sleat.

The former Far Eastern University standout was the shot in the arm the Altas craved for, helping them carve out a 67-54 victory over the San Sebastian Stags Friday that jumpstarted their NCAA Season 101 campaign at the Filoil EcoOil Arena.

The 6-0 forward debuted with 10 points – including a triple, four rebounds, five assists and a steal without committing a single turnover – before fouling out late in the fourth and final quarter.

It was Sleat’s eight points and superb facilitation in the opening period that sparked the breakaway run and set the tone for the one-sided win.

‘Patrick was big for us,’ said UPHSD coach Olsen Racela, referring to his former player when he was still with the Tams in the UAAP. ‘He is a one player who can create, unselfish and looks for his open teammates and has experience.’

‘We expect a lot of things from him and our players look up to him,’ he added.

Mark Gojo Cruz led the scoring for the Las Pinas-based dribblers with 15 points, including three booming treys, while John Abis and John Boral, the team’s elder statesmen, chipped in 10 points apiece while combining for 13 rebounds while teaming up with Sleat in presiding over their rock-solid interior defense.

‘I like our defensive effort in this game, that was our battle cry before the game,’ said Racela.

It was a result that spoiled the coaching debut of Rob Labagala at SSC-R.

The scores:

UPHSD 67 – Gojo Cruz 15, Sleat 10, Boral 10, Abis 10, Orgo 8, Tulabut 6, Maglupay 2, Casinillo 2, Nunez 2, Duremdes 2, Alcantara 0, Gelsano 0, Pagulayan 0.

SSC-R 54 – Felebrico 12, Dela Rama 8, Gabat 7, Ricio 7, Are 6, Cuajao 6, Dimaunahan 3, Castor 2, Velasco 2, Nepacena 1, Lumanag 0.

Quarterscores: 22-12; 30-19; 43-34; 67-54

Citizens, stakeholders urged to cooperate in upholding security

Dar es Salaam. Tanzanians and development partners have been urged to support community policing initiatives aimed at preventing crime and safeguarding national security, particularly as the country prepares for the October 29 General Election.

The appeal was made yesterday by the Ilala District Commissioner’s representative during a ceremony to hand over equipment to the Kivukoni Street community policing unit in Dar es Salaam. The event, organised by Be Forward Tanzania, saw the company donate uniforms to young volunteers serving in the unit.

Be Forward Tanzania is engaged in sourcing and shipping vehicles from Japan, South Korea, the United States, the United Kingdom, and Germany. Its donation seeks to enhance the visibility and coordination of community policing groups.

Kivukoni Street, which borders the Magogoni State House, is one of the city’s most sensitive security zones, where vigilance is vital. Speaking at the event, Ilala District Administrative Officer Mr Adrian Kishe, representing the District Commissioner, said security should not be viewed as the government’s responsibility alone.

He called on residents and corporate stakeholders to take an active role in addressing challenges facing community policing. “Young people serving in these units will now be easily recognised through their uniforms, unlike before.

I urge the community and stakeholders to support their efforts to safeguard people and property,” he said. He added that the initiative should inspire other organisations to undertake similar efforts in their respective areas to strengthen peace and security nationwide.

Be Forward Tanzania Sales Officer Ms Sarafina John said the company’s decision to provide uniforms was a gesture of appreciation for the contribution of youth involved in maintaining order and protecting neighbourhoods. “We operate temporary storage yards for imported vehicles, including one at Kamata and another near the Ocean Road Cancer Institute.

With the support of community policing, our vehicles have remained safe until customers collect them,” she said. She noted that the donation reflects the company’s commitment to community partnership and encouraged other businesses to support government efforts that promote public safety and improve livelihoods.

Kivukoni Street Chairperson Mr Ahmed Nyang’anyi said the area had in the past experienced threats from criminal gangs, but close cooperation between residents and security organs had drastically reduced such incidents. .