Bloomberg News

Bank of Kigali Plans to Raise 37.5 Billion Rwanda Francs in IPO

June 29, 2011

June 29 (Bloomberg) -- Bank of Kigali Ltd., Rwanda’s biggest lender by assets, plans to raise 37.5 billion Rwanda francs ($62.2 million) in an initial-public offering beginning June 30, an official from the company leading the offering said.

The offering of 300 million shares at 125 Rwanda francs each will close July 29 and the shares will be listed on the Rwanda Stock Exchange on August 29, Lionel Mudandi, operations officer at African Alliance Rwanda, said in a telephone interview from Kigali.

The bank plans to use funds raised in the offering to expand branches, improve electronic-banking technology and increase lending capacity, Chief Operating Officer Lawson Naibo said in an interview today.

To contact the reporter on this story: Heather Murdock in Kigali at hmurdock1@bloomberg.net

To contact the editor responsible for this story: Jeran Wittenstein at jwittenstei1@bloomberg.net


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