Following approval from the Capital Market Advisory Council (CMAC) of Rwanda, the Kenya Commercial Bank (KCB) will today launch the cross-list of its shares on the Rwandan bourse. This means that Rwandan investors will from today have the opportunity to buy shares in Kenya’s banking giant from existing shareholders without necessarily going to Kenya, Uganda or Tanzania. KCB will cross-list 2.2 billion ordinary shares each valued at Kshs1.00 (Rwf7.4), making it the first company to have its shares on the Rwanda’s Over-The-Counter market. Currently, the country’s nascent capital trades corporate bonds only. Information from CMAC indicates that the Minister of Finance and Economic Planning, James Musoni will grace the cross-listing event at Kigali Serena Hotel. This will also make it the first company to list on the four stock exchanges within the East African countries after it was listed in Kenya, Uganda, and Tanzania. Though Burundi is yet to acquire a stock market, the KCB Rwanda Managing Director, Maurice K. Toroitich said told the Kenya press that the bank plans to open operations there as soon as it opens up a branch. “This will increase the market value of shares since their demand is expected to increase,” he explained. “It will give the bank the visibility that it and its customers need,” Toroitich added. Some private firms and state-owned companies such as Fina Bank, Rwanda Commercial Bank and Rwanda Breweries also plan to list on the market. Ends
