The Rwandan Government on Tuesday launched the offer for the sale of its 19.81 percent stake in I&M Bank (Rwanda) through an Initial Public Offer priced at Frw 90 ($0.11, KSh11.20)) per share.
The 19.81 percent stake was equivalent to 99,030,400 shares 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 opened on Tuesday and is expected to close on March 3 and will be opened to all East African citizens though the minimum buy is 1000 shares for each application.
Rwandan minister for Finance Claver Gatete 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.”
Major Highlights of the Offer:
- All the proceeds of the sale will accrue to the Government of Rwanda.
- I&M Bank (Rwanda) Limited will not receive any proceeds from the Offer for Sale.
- As part of the share offer, 5,000,000 new shares were created to be allotted to the bank’s employees through the Employee Share Offer Program (ESOP)
- The offer period commences on February 14, 2017 and is expected to end on March 3, 2017.
- Share price is RWF 90 and the minimum buy is 1000 shares per application
Established in 1963, “I&M Bank Rwanda” is a subsidiary of I&M Bank Group Limited which is listed on the Nairobi Securities Exchange with headquarters in Nairobi and has operations across four African countries.