The share price of Mucoba Bank (Mucoba) rose by 60 per cent after five days of trading after the bank became the latest entrant into the Dar bourse.

The share price of the Mufindi-based lender appreciated from Sh250 during its initial public offering to Sh400 by close of business on Tuesday.

The bank was listed on the DSE main investment market segment last Wednesday, bringing the number to 24 firms on the Dar es Salaam Stock Exchange.

The bank raising a capital of over Sh2 billion from more than eight million shares before listing.

The bank's founding chairman, Mr Joseph Mungai, told The Citizen on Tuedasy that the appreciation of the Mucoba share price at DSE was a result of a positive business performance for eight consecutive years.

"During the ceremony for listing of the Mucoba IPO I told the management to increase its performance for the bank to continue paying dividends to its shareholders. There is no doubt that the bank is going to expand," said Mr Mungai.