Bank of Kigali seeks $69m in rights issue

Friday October 19 2018

Bank of Kigali

Bank of Kigali is seeking to raise Rwf60 billion ($70 million) in a rights issue. PHOTO | NMG 

By KABONA ESIARA
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Bank of Kigali is seeking to raise Rwf60 billion ($69 million) in a rights issue.

The bank will issue 222,222,222 new shares to its shareholders at a ratio of one share for every three held, according to Renaissance Capital, the lead transaction advisor.

The shares will cost Rwf270 ($0.31) per share.

The stock will trade on the Rwanda Stock Exchange on November 30 and cross-list on Kenya's Nairobi Securities Exchange on the same day.

The Rwanda government holds over 29 per cent stake while Rwanda Social Security Board holds over 25 per cent.

The bank, Rwanda’s largest by assets, made a net profit of Rwf23.3 billion ($27.3 million) in 2017.


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