Equity Bank cross-lists on USE
EQUITY Bank has cross-listed onto the Uganda Securities Exchange (USE), offering 3.7 billion ordinary shares to Ugandans,
EQUITY Bank has cross-listed onto the Uganda Securities Exchange (USE), offering 3.7 billion ordinary shares to Ugandans, reports David Mugabe.
Peter Munga, the chairman and founder of the bank, rang the ceremonial bell on Thursday to commence trading on another significant milestone for the capital markets sector.
Some 19,800 shares were traded on the first day at sh390, culminating into a turnover of sh7.5m and a market capitalisation of sh1, 444b.
Altogether, 364,444 shares were traded in the Thursday’s session with a turnover of sh68.9m.
Equity Bank’s entry brings to 11 the number of equities on the bourse.
The bank also becomes the fifth cross-listed entity in the 11-year-old stock exchange.
James Mwangi, the Equity Group managing director, explained that the development would enable Ugandans own a stake in the bank.
The 25-year-old bank began operations in Uganda on March 30, 2009, following a merger with the Uganda Microfinance Limited the previous year.
Simon Rutega, the head of USE, downplayed fears that the cross-listing would be affected by next month’s upcoming initial public offer of the National Insurance Corporation (NIC).
“This is a market that requires more products. I believe the NIC issue will be absorbed. It is a small issue and the more options for investors, the better,†argued Rutega.
Peter Munga, the chairman and founder of the bank, rang the ceremonial bell on Thursday to commence trading on another significant milestone for the capital markets sector.
Some 19,800 shares were traded on the first day at sh390, culminating into a turnover of sh7.5m and a market capitalisation of sh1, 444b.
Altogether, 364,444 shares were traded in the Thursday’s session with a turnover of sh68.9m.
Equity Bank’s entry brings to 11 the number of equities on the bourse.
The bank also becomes the fifth cross-listed entity in the 11-year-old stock exchange.
James Mwangi, the Equity Group managing director, explained that the development would enable Ugandans own a stake in the bank.
The 25-year-old bank began operations in Uganda on March 30, 2009, following a merger with the Uganda Microfinance Limited the previous year.
Simon Rutega, the head of USE, downplayed fears that the cross-listing would be affected by next month’s upcoming initial public offer of the National Insurance Corporation (NIC).
“This is a market that requires more products. I believe the NIC issue will be absorbed. It is a small issue and the more options for investors, the better,†argued Rutega.