This week another historical milestone was achieved by the Rwanda Capital market as Nation Media Group (NMG) became the second company to list shares on the Rwanda OTC market.
The company introduced 157,118,572 ordinary shares. Nation Media Group cross - listed its shares on the Uganda Securities Exchange (USE) last month and they are planning to cross - list their shares on Dar Es Salaam Stock Exchange (DSE) subsequently.
This week a total of 1,000 NMG shares were transacted in 5 deals at prices between Rwf 1,190 and Rwf 1,200 per share. The KCB counter had one recorded transaction of 3,000 shares traded at Rwf 172.
KCB shares closed at Rwf 172, an increase of Rwf 24 from the previous closing price. NMG shares closed at Rwf 1,200.
At the close of the session, KCB counter had a bid of 3,000 shares at Rwf 171 per share and and no seller.
Cross listing is an introduction of a company’s shares on another stock exchange. In this case, NMG was not raising any new capital from this cross listing. It is only providing an opportunity to the existing shareholders and potential investors of NMG to trade their shares on the Rwanda OTC market.
Nation Media Group reported profit after tax of approximately Rwf 4.37 billion (Ksh 597.5 million) for the first six months of 2010. The company has been paying an average dividend of Rwf 33 (Kshs 4.56) per year from 2005 to 2009.
This week, on the Nairobi Stock Exchange (NSE), KCB shares hit a low of 22.50 Kshs (Rwf165) and a high of 23.00 Kshs (Rwf168). At the Nation Media counter, NMG shares fluctuated between Ksh 164( Rwf 1,200) and Kshs 168( Rwf1,230).
On Thursday, a total of 1,247,800 KCB shares were traded and closed at 22.50 Kshs (165 Rfw), and NMG counter had a total turnover of 69,000 shares and they closed at Kshs 168(Rwf1, 230).
The NSE All share index closed the week slightly lower at 101.95 compared to the previous week’s closing of 102.15.