Rwanda Exchange Readies Three Initial Public Offerings This Year

The Kigali Stock Exchange in Kigali, Rwanda
The Kigali Stock Exchange in Kigali, Rwanda
Photographer: Will Boase/Bloomberg

The Rwanda Stock Exchange anticipates that three companies will begin trading their shares this year, increasing the number of stocks listed on the bourse to 10.

“We expect three initial public offerings this year,” Chief Executive Officer Pierre Celestin Rwabukumba said in a phone interview Monday from the capital, Kigali. “Due to disclosure restrictions I cannot tell you which ones.”

Rwanda’s Capital Market Advisory Council said in April 2011 the government planned to offer shares in six companies on the domestic exchange, including Commercial Bank of Rwanda, now known as I&M Bank Rwanda, and Sonarwa Insurance. The New Times, a Kigali-based newspaper, reported in April 2015 the government is planning an initial public offering of its 19.8 percent stake in the Rwandan unit of Nairobi-based I&M Holdings Ltd.

Crystal Telecom Ltd., which owns 20 percent of MTN Group Ltd.’s Rwandan unit, was the last company to go public on the Rwanda Stock Exchange when it began trading in July.

The Rwandan Stock Exchange All Share Index declined 3.9 percent last year. The exchange has a market capitalization of 2.82 trillion francs ($3.75 billion).

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