The Rwandan government’s sale of its stake of 19.81 percent in I&M Bank (Rwanda) Limited to the public has been oversubscribed, the finance ministry said in a statement on Monday night.

banks hall
banks hall
The Offer for Sale involved the issuance of 99,030,400 shares that were made available to potential investors.

The sale program allotted 60 percent of the shares to Rwandan and East African investors and balance of 40 percent was allotted to foreign investors.

Total numbers of shares applied from across all pools were 206,893,000 over and above the 99,030,400 shares that were on offer, which represents an oversubscription rate of 209 percent, the finance ministry said.

“The over subscription … is a testimony to the confidence investors have in the economy of Rwanda generally and the bank in particular. Oversubscription of the shares also gives credibility to the government of Rwanda’s privatization program,” said Claver Gatete, Rwanda’s Minister of Finance.

“Having successfully carried out allotment of the shares to the successful applicants, we are confident that the listing of the shares on Rwanda Stock Exchange will facilitate the growth of our capital markets,” Gatete added.

Established in 1963, I&M Bank Rwanda (erstwhile Banque Commerciale du Rwanda Limited – BCR) is the Rwanda subsidiary of I&M Bank Group Limited and the first bank in Rwanda.

Headquartered in Nairobi, Kenya, the bank is a leading financial services provider with operations in four countries in Africa.

In Rwanda, the company’s product offering includes business banking, personal banking, diaspora banking as well as corporate banking. Enditem

Source: Xinhua/NewsGhana.com.gh