Nyagatare residents encouraged to buy BK shares

NYAGATARE – Residents and the business community in Nyagatare District have been called on to buy shares in Bank of Kigali (BK). The call was made, on Friday, by the Bank’s Managing Director, James Gatera, while meeting with Nyagatare inhabitants. Last week, BK launched its Initial Public Offering (IPO), a move that is seen as another opportunity for Rwandans to own shares in a local company. President Paul Kagame bought shares from the bank last week. Speaking to the area residents, Gatera said that BK is the country’s leading commercial bank, in both performance and profits, and urged them to make it their own. With each share selling at Rwf125, the IPO is expected to generate Rwf37.5 billion from 300.3 million shares. Government floated 133, 467, 400 ordinary shares or 20 percent of its stake in BK, in addition to the 166, 837, 000 shares that are also being offered by the bank itself. Gatera said that Rwandans and other East Africans will buy 60 percent of the floated shares, while the remaining 40 percent will go to international investors. The residents welcomed the offer. Ends