Rwanda’s regulator and I&M Bank have agreed to extend the deadline on sale of government’s 19.8% stake in the Bank to March 10 from the initial plans to close on March 3, 2017.
According to a statement released by the country’s ministry of Finance, he noted there had been a huge interest from investors across the region hence the need for the extension.
“This is to ensure that prospectuses and application forms reach investors across the country and the East African region in good time, and in response to requests from retail and institutional investors given the early start to the year, it has been decided to avail additional time to enable investors participate,” read part of the statement.
The Initial Public Offering (IPO) for I&M Bank was launched Tuesday last week with the Rwandan government targeting to raise 11.5 billion francs to be used fund the construction of a second airport near the capital city of Kigali.
The offer is priced at Frw 90 ($0.11, KSh11.20)) per share and approximately 99,030,400 shares are up for grabs though and the minimum shares one can buy are 1,000.