By David Mugabe
KENYA Commercial Bank (KCB) is to float over two billion shares on the Rwanda stock exchange. This follows approval by Rwandaâ€™s Capital Markets Advisory Council (CMAC).
If the listing goes ahead, KCB will become the first company to list in Rwanda and the first to cross-list on the four stock exchanges within East Africa.
â€œThe CMAC board has approved the cross-listing of 2,217,777,777 ordinary KCB shares at a value of Ksh1.00 (sh28) in Rwanda,â€ the CMAC executive director, Robert Mathu, said.
The KCB Group chief executive, Martin Oduor-Otieno, said in a statement the bank would make its shares available in Rwanda in the next few days.
â€œOur objective is to make KCB a business that is owned, managed and supported by East Africans,â€ Oduor-Otieno said.
He said the move was vital for the growth of Rwandaâ€™s stock market, which has only bonds. â€œListing KCB shares will provide an investment opportunity to thousands of Rwandese.â€
Mathu said CMAC had put in place sufficient infrastructure and the necessary listing and trading rules to facilitate the process. He was hopeful the listing would pave the way for Rwanda firms to participate in the bourse.