UPDATE 2-Tanzania to float 21 pct in NMBank for $54 mln

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DAR ES SALAAM, July 30 (Reuters) - Tanzania plans to float a 21 percent stake in the National Microfinance Bank (NMB) to raise 63 billion shillings ($54 million), a government privatisation body said on Wednesday.

"The shares will be on sale for 600 shillings," said Edwina Lupembe, director general of Consolidated Holding Corporation, which is in charge of privatising state-run companies.

The government owns 51 percent of the bank. The remaining stake is held by a consortium of Tanzania's National Investment Company (NICOL) NICOL.TZ and the Netherlands' Rabobank. After the sale, the government will own 30 percent in NMB.

The shares sale will start on Aug. 18.

The Dar es Salaam Stock Exchange (DSE) expects two other listings in the Dar es Salaam Community Bank and the National Bank of Commerce by the end of 2008.

The bourse, which has 11 listed companies, has struggled to attract listings since its creation 10 years ago.

In 2006, the government offered a three-year tax cut to 25 percent from 30 percent for companies offering at least 35 percent of their shares to the public. (Reporting by George Obulutsa, writing by Helen Nyambura-Mwaura; editing by Sue Thomas)