Rwanda Preparing for IPO
The Rwandan Stock Exchange is now in the midst of planning its first listing since June of 2011. The stock listing is for local unit of I&M Bank, Banque Commerciale du Rwanda Ltd. This was confirmed by Capital Market Authority CEO Robert Mathue.
Twenty percent of the Rwandan government's shareholdings in Banque Commercial du Rwanda would be sold to the market, according to an interview by the CEO in Kigali, the country's capital. He did not elaborate on the amount of the stake to be sold.
In another area, the bourse is planning to commence trading of corporate and Treasury bonds in 2013. The market capitalization of the bourse is at US$1.9 billion.
Mathue said, "We expect Banque Commerciale du Rwanda to list on the market and other companies that the government still has shares in." He added that other listings are in discussion, but 'due to disclosure restrictions, we can't mention the companies."
The Rwandan bourse was established in 2005 and only had four equity listings since June 1, 2009. The listings are between Rwandan and Kenyan companies. There is only on corporate bond in the market, a one billion Rwandan francs or US$1.59 million ten year security bond by Banque Commerciale du Rwanda. There are also three year and five year Treasury bonds worth 5 billion francs.