Effective today – October 29, shareholders of Bank of Kigali Group – the country’s largest financial institution by assets, can start buying over 200 million discounted shares the bank put up for grabs.
The lender officially launched its sell of Rwf 222.2 million shares at Rwf270 each following a recent Rights Issue by the Capital Market Authority and Rwanda Stock Exchange.
Through sell of the new shares, BK seeks to raise Rwf60 billion ($67.3 millio ) in capital.
The latest share price represents 6.6 percent discount to the stock’s last traded price of Rwf289.
“The BK Rights Issue, the first of its kind on Rwanda’s Stock Market presents a unique opportunity for Shareholders, totaling to over 3,800, to invest more in BK Shares. Buy 1 Share at Rwf 270 for every 3 held,” BK Group Chief Executive Officer Dr. Diane Karusisi said at the official launch of Rights Issue at Marriott Hotel Kigali.
With 7 years and three months since the lender first listed its IPO on the Rwanda Stock Exchange Market, market players say the bank has surpassed its expected growth .
“What we are witnessing here today is a milestone achievement to our market,” said Celestin Rwabukumba – Chief Executive Officer of Rwanda Stock Exchange which co-offered the bank’s Rights Issue.
In a bid to extend its market share,the bank will, on Friday, November 30, officially cross-list on the Nairobi Stock Exchange, Dr. Karusisi told shareholders.
The new 222.222 million shares offer period opens today, October 29 and closes on November 9.
“We call upon our shareholders to approach brockers to fill the forms and buy shares,” Dr. Karusisi said shortly after opening the offer.