A total of 99,030, 400 Government of Rwanda shares in I&M Bank equaling 19.81% are on sale with each trading at Rwf 90.
Rwanda invested in I&M Bank from 1963 but has recently decided to sell the shares to get funds for construction of Bugesera International Airport.
As he presented the 2017/208 budget preview on 7th February 2017before parliament,the Minister of Finance and Economic Planning, Amb. Gatete Claver said that the government is set to sell its shares in I&M Bank part of which proceeds will be used to fund construction of Bugesera International Airport.
Bugesera International Airport is expected to be completed in 2018 at a cost of over USD 800 million. Rwanda owns 25% of the shares in the project while the remaining 75% belongs Portuguese company, Mota-Engil Africa.
In the official ceremony of putting shares for sale , Minister Gatete encouraged Rwandans to maximize benefits from the opportunity by investing in the shares.
“This is a great opportunity for Rwandans, the region and beyond of investing and saving,” he said.
“The government puts for sale shares to motivate other private investors to enable Rwandans and other foreigners own shares in the respective institutions,” he added.
The chairman of the board of I&M Bank Rwanda, Bill Irwin has commended the government of Rwanda for having demonstrated good cooperation as a shareholder leading to its progress and Rwandans in general.
I&M Bank becomes the 4th Bank to be listed on Rwanda Stock Exchange following Equity Bank, KCB and Bank of Kigali (BK).
The CEO of Rwanda Stock Exchange, Pierre Célestin Rwabukumba has said that more people will be attracted as I&M Bank is a credible bank.
“It is a credible bank in the country. We believe people’s appetite in buying shares will increase because it is a local bank,” he said.
The sale of shares in I&M Bank will close on 3rd March 2017. Customers can buy at the least a minimum of 1000 shares from Rwanda, Nairobi in Kenya and London in England.