Government stake in I&M Bank start to sale at Rwf 90
Written by: Our Reporter
Tuesday, February 14th, 2017, 17:47
Kigali: An Initial Public Offer (IPO) and subsequent listing on the Rwanda Stock Exchange (RSE) of I&M Bank Rwanda Ltd kicked-off Tuesday priced at 90 francs per share, the Ministry of Finance said.
The Ministry of Finance and Economic Planning (MINECOFIN) announced the sale of its stake in I&M Bank (Rwanda) Ltd, to the public as the government’s policy of divesting from public enterprises.
Claver Gatete, the Minister of Finance said, “the Government of Rwanda is committed to the development of the capital markets as a means of building a strong foundation for long term financing for both private and public sector and also empowering the people of Rwanda to participate in the divestiture of government investment in private organizations.”
The total number of offer shares is 99,030,400 representing 19.81 percent of the issued share capital of I&M Bank Rwanda Ltd. The offer opened today is expected to close on March 3, the ministry said in a statement.
The Finance Minister told parliament last week that the government aimed to raise 11.5 billion francs from the sale.
Formerly, I&M Rwanda was known as Banque Commerciale du Rwanda (BCR) before it was privatized and changed the name, it is the oldest bank in the country.
I&M’s assets stood at 191,805,234,000 francs ($231.25 million) at the end of September, 2016.