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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Rwandan bank group becomes first Rwandan
company to list on foreign bourse

KIGALI Rwanda (Xinhua) -- Bank of Kigali Group has become the first Rwandan-registered company to list on a foreign bourse, CEO of Rwanda Stock Exchange Celestin Rwabukumba said Friday.

The group’s listing on a regional stock market—Nairobi Securities Exchange based in Kenya—is a significant step towards achieving sustainable economic growth and prosperity in Rwanda, said Rwabukumba on the celebration of the listing in Kigali, capital city of Rwanda.

The bank group, which had listed on Rwanda Stock Exchange, raised 70 billion Kenyan shillings (about 684 million U.S. dollars) to cross-list on Nairobi Securities Exchange, said Diane Karusisi, CEO of the group, adding that the proceeds of the capital raise will go to finance the group’s growth strategy, most especially in innovation and digitization of the bank’s operations.

She also said trading on the Kenyan bourse would help the group have a larger access to investors from the international market.

Operating since 1967, the group made a net profit of 3.4 billion Rwandan francs (about 15.4 million U.S. dollars) in the first half of 2018 and projects post-tax profits of about 28 billion francs in profits at the end of 2018, according to Bank of Kigali.

           

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