EFC Bank puts properties up for sale to recover debts

Tuesday November 21 2017


By Alex Malanga @ChiefMalanga amalanga@tz.nationmedia.com

Dar es Salaam. Nine properties, which are located in Dar es Salaam and Coast Region, have been put up for sale by the EFC Tanzania Microfinance Bank (EFC Bank) with a view to collecting unpaid loans.

The properties’ market values range between Sh36 million and Sh343 million.

The market value for the two properties located at Ukonga in Ilala District stands at Sh108 million and Sh101 million each.

The market value for the properties located at Kipawa, Mogo Street in Ilala municipality, Kibaha, Coast Region, Midizini Street, Manzese ward in Kinondoni Municipality and Mabibo area in Kinondoni stands at Sh155.6 million, Sh253 million, Sh110 million and Sh108 million respectively.

The properties located at Mtoni, Mambo Leo Street and Mbagala Kuu in Temeke District are sold at Sh343 million, Sh36 million and Sh49.6 million respectively.

The successful bidder, according to an advert published in this paper on Monday, shall be required to pay 25 per cent within two days and remaining 75 per cent within a week from the date of official notification.

‘Failure of which, the offer shall be deemed cancelled and in case of such cancellation EFC reserves the right to offer the property to the next highest bidder meeting the minimum acceptable price or resell the property,” reads the advert in part.

Adding: “Also in case the full amount has not been received within seven days, any paid amounts become automatically forfeited to EFC Bank.”