South Africa’s medical firm RH Bophelo has cross-listed on the Rwandan Stock Exchange (RSE). RH Bophelo becomes the 9th member and the first South African company on the Rwandan bourse after listing on 1st June.
In a statement, RH said the move will enable diversification of investor base as well as increase investment opportunities outside South Africa. RH Bophelo listed on the Johannesburg Stock Exchange (JSE) in July 2017. It raised R500 million from the listing. It currently owns nine hospitals and runs six on behalf of smaller stand-alone hospitals.
RH’s board approved the secondary listing on the RSE in April following endorsement by the relevant regulatory authorities. Colin Clarke, RH Bophelo executive director, said the next stage of evolution involved growing the business beyond South Africa. Cross-listing on the Rwandan bourse is strategic as it offers RH Bophelo the geographical exposure it needs.
The brokerages in Rwanda, Kenya, Uganda, and Tanzania are closely linked, which provides RH Bophelo an opportunity for a diverse shareholder base. The listing is expected to:
- enhance RHB’s weighting in the respective market indices;
- enhance the public profile and awareness of RHB as its shares trade on more than one licensed exchange;
- provide diversification and additional options to RHB’s capital raising activities
- facilitate RHB’s preparation for the next phase of being a go-to company for healthcare investment opportunities.
Rwanda Stock Exchange now has nine listed companies, including four Kenyan firms; Uchumi Supermarkets, Nation Media Group, Equity Group, and KCB Group.
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