The Initial Public Offering (IPO) of Société Nationale des Assurances au Rwanda (Sonarwa), slated for this year, has been delayed for next year.

The government identified Rwanda’s biggest insurance company as one of the companies in which it had shares to be floated on the Rwanda bourse and expected it to be listed before the end of this year.

But James Musoni, Minister of Finance and Economic planning, in interview with The New Times on Tuesday, said that the company is still going through some preparations.

"They have just got a new partner and they are undergoing some restructuring,” Musoni said. "I don’t think it will be possible this year.”

Sonarwa recently sold 35 per cent of its shares to Industrial and General Insurance (IGI), Nigeria’s leading insurance company for $4 million.

Some corporate companies where the government has shares include: MTN Rwanda, Bralirwa, Rwanda Commercial Bank, Fina Bank and some tea factories.

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