Four Kenyan firms to cross-list on the ROTC market

The Rwanda bourse is bracing for another cross listing from four Kenyan companies before the end the year, the Capital Markets Advisory Council (CMAC), the institution that regulates capital markets activities in Rwanda has said.

The Rwanda bourse is bracing for another cross listing from four Kenyan companies before the end the year, the Capital Markets Advisory Council (CMAC), the institution that regulates capital markets activities in Rwanda has said.

Robert Mathu, the Executive Director of CMAC said that the companies that have expressed interest in selling their shares to the  Rwandan market include Equity bank, Kenokobil, TPS Serena and the Nation Media Group (NMG).

“The Nation Media Group has made a formal approach to us and through their annual report, they have made a decision to cross list in Rwanda,” said Mathu.

He also said that there other two companies that made informal approach. “This means a lot for the Rwandan market as it gets more products and increases the capital markets standards of trading as well as the infrastructure to make it easy for investors to invest,” explained mathu.

The companies in question have already been doing business here and else where in the region and they will simultaneously cross list on the regional markets.

Mathu also said that since cross listing is not about raising new capital, the companies will offer 100 percent of their shares to the Rwandan investors at the trading prices on the Nairobi Stock Exchange.

If this goes through, the ROTC market will boast of five cross listing from Kenya including the already trading Kenya Commercial Bank (KCB) shares.

The Rwanda bourse will soon be boosted by the long awaited first domestic Initial Public Offering by BRALIRWA.

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