The last trading session of the Rwanda OTC market after the landmark cross-listing of Kenya Commercial Bank (KCB) shares on the Rwandan bourse, the market recorded a turnover of Rwf 1,206,600.
During Friday’s trading session, a total of 7,200 KCB shares were transacted in 7 deals, at prices between Rwf 167 and Rwf 170 per share. KCB shares closed at Rwf 170, an increase of Rwf 7 per share compared to the previous closing price.
This followed the launch of KCB’s cross – listing on the Rwanda OTC market. According to Pierre Celestin Rwabukumba, the Operations Manager of CMAC, over the weekend the market kept the momentum as investors came to the market to buy more shares.
Last week KCB cross - listed all its 2.2 billion ordinary shares which were already cross - listed on the Uganda Securities Exchange (USE) and the Dar Es Salaam Stock Exchange (DSE) from 2008.
According to a statement from CMAC at the close of the session, KCB counter had no buyers or sellers.
Cross listing is basically an introduction of a company’s shares on another stock exchange. In this case KCB was not raising any new capital from this cross listing.
It is only providing an opportunity to the existing shareholders and potential investors of KCB to trade their shares on the Rwanda OTC market.
KCB Group reported profit after tax of approximately Rwf 42.7billion (Ksh 6.02 billion) which was 42 percent above the group’s performance in 2007.
This good performance enabled the board to pay a dividend to shareholders of about Rwf 7(Ksh1) for every ordinary share.
According to CMAC officials the bond market was quiet over the weekend as no transactions were recorded. At the close of the business, Rwf 2 billion worth of government bonds were on offer at Rwf 99.8 and there were two bids of Rwf 2 billion and Rwf 5 million for the same bonds at 94.00 and 97.80, respectively.
There were also Commercial Bank of Rwanda (BCR) bank bonds worth Rwf 150 million on offer at Rwf 100.50.