I&M Bank IPO Extended

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Rwanda has extended a deadline for selling its shares with I&M bank after several local and regional investor showing strong appetite to grab the offers on the go.

Rwanda government has close to 20 percent shares in I&M bank, and the anticipated offing of Rwf11.5billion is expected to be used in the construction of the new Bugesera International Airport – where initial ground works have kicked off.

“To ensure that prospectuses and application forms reach investors across the country and the East African region in good time, and in response to requests from retail and institutional investors  given the early start to the year, it has been decided to avail additional time to enable investors participate” the Ministry of Finance said in a communiqué .

On February 14, 2017, Rwanda floated 99,000,000 shares, equivalent to 19.81% shareholding in the bank, for initial public offering (IPO) which was meant to end on March 3, 2017.

Now, the new deadline is March 10, to provide more time for applications of which I&M Bank (Rwanda) Limited, the Capital Market Authority and the Rwanda Stock Exchange have given their approval to extend the closing date as per the procedures for, and terms and conditions of, application and allotment in the prospectus.

 

 

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