Listing of 99,030,400 shares of I&M Bank Rwanda Ltd. representing 19.81% of the bank’s capital on the Rwanda Stock Exchange
The Government of Rwanda through the Ministry of Finance and Economic Planning (MINECOFIN) is pleased to announce the successful sale of its stake of 19.81 percent in I&M Bank(Rwanda) Ltd, to the public through an Initial Public Offering and subsequent Listing on the Rwanda Stock Exchange(RSE).
The share sale program was oversubscribed by 209 percent. Having successfully divested from the bank through the IPO, the next step is to list the stock at the Rwanda Stock Exchange (RSE) with effect from today 31st March 2017. The official listing caps another success of Government of Rwanda’s privatization program.
Hon. Claver Gatete, the Minister of Finance said, “the successful sale program of I&M Bank Rwanda Ltd which is part of the primary trading activity of the shares gives the Government of Rwanda the impetus to fast track the process of bringing more government shares to the stock market.”
“The outcome of the primary share sale is a clear indicator of confidence that investors have in our economy,” the minister added.
Celestine Rwabukumba CEO of Rwanda Stock Exchange (RSE) says that the listing of I&M Bank Rwanda shares is very likely to increase trading activity at the Rwandan Bourse.
“The listing today kick starts the secondary trading activities of I&M Bank Rwanda shares at the RSE.”
“The secondary trading is likely to stimulate market activities at RSE through offering investors more options. This listing is likely to attract new investors into the market.”
“Attracting of new investors can be said to be very likely considering the fact that the shares were oversubscribed at the primary market. New investors are also likely to trigger high demand for the I&M Bank Rwanda shares upon its listing.”