Barely 24 hours after Bank of Kigali Group launched sale of its discounted shares, the lender has received approval from Kenya’s Capital Market Authority to list on Nairobi bourse.
On Monday this week, the Bank which is listed on Rwanda Stock Exchange, launched trading of 222.222 million discounted shares as it seeks to raise Rwf60 billion ($67.3 million) in capital.
The latest share price represents 6.6 percent discount to the stock’s last traded price of Rwf289.
BK Group Chief Executive Officer Dr. Diane Karusisi said at the launch that the bank will officially list on Nairobi bourse on November 30 – making it the first Rwandan company to cross-list on market.
In a statement, Chief Executive Officer of Kenya’s Capital Market Authority said BK’s listing on Nairobi bourse “the cross-listing will facilitate cross-border investments, further strengthening memorandum of understanding entered into by capital market regulators in Kenya, Uganda, Tanzania, Rwanda and Burundi through which a common blueprint on the integration of the east African capital markets was adopted.
It will further enhance Kenya’s position as an international financial centre and gateway for regional and international capital flows.”
According to bank of Kigali, the Rights Issue granted by Rwanda’s Capital market Authority and Rwanda Stock Exchange on October 18, will be placed with qualified institutional investors on the Nairobi Stock Exchange (rump shares) through a private placement – meaning it will not be available to the general public in Kenya.
BK is Rwanda’s largest commercial bank by Total Assets, with 35.0% market share as of 30 June 2016.