In March 2017, the State-owned stake of 19.81% in I&M Bank Rwanda was offered for sale, resulting to Rwf99 030 400.
During the Annual General Meeting between I&M Bank’s Board of Directors and shareholders, that took place this Monday, 29th May 2018, it was agreed that starting from July 4th, shareholders would start receiving Rwf5.16 ($0.006) per share dividend payout.
The Chairman of the I&M Bank Rwanda Board, Bill Irwin, said that last year the bank reported Profit after tax of Rwf6.8 billion, where 40% will go to shareholders while the remaining will be invested in the I&M Bank Rwanda’s projects, mainly the construction of its General Headquarters.
“We have to be having a high amount of investment as some of our projects require a grand amount of investment such as the construction of our headquarters and the upgrading of the bank’s technology.”
The construction of I&M Bank’s General headquarters will take up to USD20 million while the upgrading of the bank’s technology will take up to Rwf3 million.
I&M Bank officials affirmed that the shares owned by the government were 19.81% of the bank, and that up to date, there were no discussions on increasing them.
The CEO of Rwanda Stock Exchange, Rwabukumba Pierre Célestin, said that the state-owned shares are now costing Rwf 95 per piece —increasing from Rwf90, and were sold at a minimum of 1,000 shares.
The sale is in accordance with the government’s policy of divesting itself of public enterprises as well as its shares in private ones.
The Board of Directors also agreed to change the bank’s name from I&M Bank Rwanda Ltd to I&M Bank Rwanda Plc.
According to the managing-director, Robin Bairstow, the ‘Plc’ stood as the legal designation that the bank offered its shares to the general public and was not a private entity.
As of 31 December 2017, the Bank’s Total Assets stood at Rwf260 billion, a year-on-year increase of 26% while Gross Loans increased by 32.3% to Rwf149.6 billion and Net Loans and Advances increased by 33% Year-on-Year to Rwf146.5 billion.
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Photos: Moses Niyonzima