Rwanda’s largest bank by assets, Bank of Kigali Group PLC (BK) has announced plans to cross-list its shares on the Nairobi Securities Exchange following a shareholders’ approval at the company’s annual general meeting heldon Friday.
According to Mark Holtzman, BK’s board chairman, this is the first Rwandan Company to go on the international Market.
“We intend to cross list Bank of Kigali on the Nairobi Securities Exchange official list, the first Rwandan Company to go on the international Market,” Mark Holtzman said during the meeting.
Holtzman said cross-listing of the bank will enable potential investors across the world to buy shares in the bank due to selling its name (BK) internationally.
“This will also give good prices for our stock market shares as many of the investors will be interested in competing to buy them” Holtzman noted.
BK’s cross-list on the Nairobi Security Exchange was approved by the 73.7% of the shareholders who attended the annual general meeting.
Meanwhile, BK’s options of cross listing on the Nairobi Security Exchange will have to raise $60 million- $70 million to expand its business including digitalizing the business.
According to the current figures from BK, the shareholder equity went up to $143.7 million earlier this year.
According to BK’s Chief Executive officer Diane Karusisi, shareholders will receive a dividend of Rwf13.85 billion payable on or about 30th June this year compared to Rwf8.2 billion realised last year.
Also during BK’s annual general meeting, Rwandan technology expert and former Rwanda Online Platform Limited head, Alline Kabbatende was elected as the bank’s board member to lead the ICT team.
“As we keep on expanding technologically, we need experts who would bring in different knowledge in the company, I think she has massive experience and will be productive” Karusisi noted.