DAR ES SALAAM, Nov. 12 -- TOL Gases Plc has raised more than its targeted amount in a rights issue, attracting subscriptions worth 0.57bn/- against the planned 8.17bn/-, as shareholders demonstrated strong confidence in the companys growth and expansion plans.

The industrial and medical gases producer received applications for 14.88 million shares, exceeding the 11.50 million shares offered under the capital-raising exercise, representing a subscription rate of more than 129 per cent.

The company said in a public notice that “The rights issue, which was conducted between September 17 and October 8 this year, recorded a subscription rate of more than one h129 per cent,” The gas company issued the initiative to expand its carb...