The Rwanda Stock Exchange (RSE) will welcome I&M Bank Rwanda as the lender is scheduled to officially list and start trading its shares on the secondary market today.
This follows a successful initial public offering (IPO) in which government sold its 19.81 per cent stake or 99,030,400 shares in the bank to the public between February 14 and March 10 as part of the ongoing privatisation programme. The firm’s IPO price was at Rwf90 per share.
I&M Bank Rwanda listing will bring the number of firms listed on the exchange to eight, four of which are local and four cross-listed counters.
Meanwhile, there was low activity on the exchange yesterday with only the bond market transacting business. According to the RSE daily market report, Rwf10 million worth of bonds at Rwf103.5 traded in one deal yesterday, raking in about Rwf10.4 million in turnover. The equities counters closed as follows, Bank of Kigali was at Rwf250; Bralirwa at Rwf139; Crystal Telecom at Rwf90; Equity Bank at Rwf334; NMG at Rwf1,200; KCB Rwf330; and Uchumi Supermarket at Rwf104. The Rwanda Share Index and All Share Index remained unchanged to close at 125.04 and 127.90 points, respectively. Market capitalisation was at Rwf2.76 trillion.
At the end of the formal trading hours, there were outstanding offers of 41,200 shares at the Bank of Kigali counter at between Rwf245 and Rwf255, while Bralirwa received offers of 252,100 shares, ranging from Rwf138 and Rwf140 and the Crystal Telecom counter had outstanding offers of 269,200 shares between Rwf90 and Rwf95.
On the bond market, there was an outstanding bid for Rwf400.5 million worth of bonds between Rwf102 and Rwf104, but there were no offers.