KIGALI, Rwanda- The Government of Rwanda through the Ministry of Finance and Economic Planning (MINECOFIN) is pleased to announce that the Offer for Sale of its stake of 19.81 percent in I&M Bank (Rwanda) Limited to the public has been oversubscribed and the allotment of shares to successful applicants has been completed.
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.
The Offer for Sale attracted applications drawn from all pools- International and Domestic. 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%.
Hon. Claver Gatete the Minister of Finance said, “the over subscription of the I&M Bank Rwanda Limited Offer for Sale shares 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.”
“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.
Highlights of the Offer for Sale:
- Offer period ran from February 14, 2017 and closed on March 10, 2017.
- Countrywide town hall meetings, regional and international roadshows were conducted during this period to rally potential investors.
- All notices of allotment for the Offer for Sale Shares will be mailed to successful applicants on or before March 27, 2017.
- Refunds for oversubscribed Shares will be done on March 27, 2017. This will be done through EFT and SWIFT transfers to accounts indicated in the investor’s application forms.
- Shares will be electronically credited to successful applicants’ respective Central Securities Depository (CSD) accounts by March 27, 2017.
- Listing on the Rwanda Stock Exchange will be on March 31, 2017 and thereafter the commencement of trading on the RSE.