The cross-listing on the Rwandan market by one of the biggest banks in the region comes less than four years after the bank began commercial operations in the country.
At the Rwanda Stock Exchange, Equity listed 3,702,777,020 issued ordinary shares, at a value of Rwf3.76 ($0.005) each, following approval by the Capital Markets Authority of Rwanda.
Equity Holdings becomes the fourth security to be traded at the Nairobi Securities Exchange and the Rwanda Stock Exchange, helping investors diversify their portfolios without fear of losses from currency conversion.
KCB, Nation Media Group and Uchumi Supermarkets are also listed on the two bourses.
However, there are just two local companies on the bourse — Bank of Kigali and Bralirwa.
Celestin Rwabukumba, the chief executive officer of the Rwanda Stock Exchange, said Equity’s cross-listing will provide investment opportunities to Rwandans.
“Equity’s counter will not only boost activities on the market and increase investment options, it will also increase the financial inclusion for Rwandans,” said Mr Rwabukumba.
A statement from Equity Bank said the cross-listing will facilitate availability of shares.
“The cross listing will provide an easy and efficient way for our stakeholders and partners in Rwanda to participate beneficially in the growth and fortunes of the company through partial ownership,” said James Mwangi, chief executive officer of Equity Group Holdings.
The East African
No comments:
Post a Comment