Rwanda to sell 20pc stake in I&M Bank next week

The Rwandan government plans next week to sell its 20 percent stake in I&M Bank operations in Rwanda, with the aim of raising 11.5 billion francs ($14.1 million), a minister and a senior executive said.

The initial public offering (IPO) would be launched on Feb. 14 and the proceeds would be used to help finance a new airport at Bugesera, east of the capital Kigali, the officials said.

“The money will be invested as initial equity in the Bugesera Airport,” Rwandan Finance Minister Claver Gatete told parliament, saying the aim was to raise 11.5 billion francs.

Robin Bairstow, managing director of I&M Bank in Rwanda, told Reuters the IPO launch date was Feb. 14.

I&M Bank in Rwanda is part of the Kenyan group I&M Holdings.

The listing would boost the Rwandan bourse, where the total market capitalization of the seven listed firms rose to $4.1 billion in 2015 but has since fallen to $3.4 billion.