The Nation Media Group (NMG) a media conglomerate of regional newspapers and broadcast facilities across the region, has officially applied to the Capital Markets Advisory Council (CMAC) for a possible cross-listing of its shares to regional investors.
The group owned by the Aga Khan made their formal application this week and are waiting for approval from CMA, the capital markets regulators.
“We have received their application and as soon as they get approved they will cross list,” said Olivier Kamanzi the Deputy Executive Director of CMAC.
NMG intends to avail its shares to all bourses of the East African Community (EAC) member states. According to CMAC the media company will avail 157 million ordinary shares to Rwandans with Ksh2.5 par value.
“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 Kamanzi.
It is also expected that more companies from Kenya will cross list before the end of the year and the include Equity bank, Kenokobil, TPS Serena.
The move is very vital to the growth of Rwanda’s stock market which has only bonds listed on it. It is also important for the development of the country’s financial sector and economy at large.
If approved, NMG will become the second company to list its shares on the Rwandan bourse after Kenya Commercial Bank (KCB).