Rwanda has just announced that two companies, namely the Commercial Bank of Rwanda and the national air carrier RwandAir would be listing in the country's fledgling stock market. This was confirmed by Robert Mathu, the executive director of the Capital Market Authority of Rwanda.
Mathu says he expected an initial public offering for the bank. The Kigali government has a 20% shareholding in the bank and the schedule of the IPO is either this year or in 2014.
He also identified other companies to follow suit, such as Sonarwa, the insurance firm, Fina Bank and MTN's local telecommunication subsidiary. MTN is a South African telecommunications firm.
Mathu told Reuters, "BCR is the one that's certainly close. We also expect RwandAir to come to the market soon."
Other companies have cross listed in the Rwandan Stock Exchange. These are the Kenya Commercial Bank, the region's largest financial institution in terms of assets and Nation Media Group, the media firm of the country.
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