A South African Health Company (RH Bophelo Limited) today cross-listed on the Rwanda Stock Exchange (RSE) market trading its first shares at Rwf526, alongside other eight companies on the market.
This is equivalent to South African Rands R9.84 on its primary market on Johannesburg Stock Exchange (JSE), where the company is locally listed.
The opening and closing bells were sounded by Rwanda Development Board Deputy CEO Zephanie Niyonkuru who officially introduced RHBophelo on RSE at an opening ceremony held at the RSE headquarters in Kigali.
“We congratulate RHBophelo on their listing on the RSE and the government of Rwanda will continue to support this great initiative” Niyonkuru said.
RH Bophelo’s cross-listing, makes it the first to be primarily listed outside the East African Community (EAC) increasing the total number of listed companies to the Rwandan stock market to nine (9).
RSE CEO Celestin Rwabukumba said that the cross listing of RHBophelo in Rwanda is a milestone for the country to have the first cross-listing of a South African company and this will boost efforts in raising money in the economy.
Rwabukumba also said that RHBophelo is expected to release its Initial Public Offer (IPO) in the next six months where it will float its shares to the public.
On behalf of the market regulators, Eric Bundugu, Acting Executive Director of the Rwanda Capital Market Authority (CMA) said that the company will get legal and regulatory support so as to promote investors’ trust.
“We foster investor protection through our user friendly laws and business indicators and look forward to partner with RHB to develop the market. It is a team work and you can count on our support,” Bundugu said.
“Once again, I thank RHBophelo for making the right decision to join the Rwanda Stock Exchange, Rwandan investors, the Rwandan Government and all stakeholders are ready for you and we can assure you our strong support.
Joining the launch through a Webex message, John Oliphant, the Chairman of RH Bophelo said today marks an important milestone in the evolution of the company to make a proud African story.
He also said that cross listing in Rwanda Stock Exchange will create access for East Africa Pension Funds to be part of our pan African healthcare investment platform.
“We are a proud South African and can proudly say it is a proud African story that will revolutionize health care on the continent to set a good example of how Africans can unite and work together to create opportunities for themselves and solve African problems,” Oliphant said.
RHBophelo entry in Rwanda marks the first company that the newly formulated Kigali International Financial Center which is expected to help foreign and local companies invest their money in and outside Rwanda, using Kigali as the central financial command zone.