Bank of Kigali Finally Starts Trading at the Nairobi Securities Exchange

The largest bank by assets in Rwanda, Bank of Kigali has officially started trading its shares at the Nairobi Securities Exchange (NSE) after a successful cross-listing process on Friday.

Bank of Kigali becomes the second company outside the borders to cross-list at the NSE after Umeme from Uganda which started trading at the NSE in 2012.

The shares of Bank of Kigali are set to trade at 30 shillings per share. On the first day of trading, the shares were going at 32 shillings per share according to traders at the NSE.

The lender listed at the NSE after a successful rights issue at the rate of 3 shares for every one held that managed to raise a total of 7 billion shillings. According to the bank, existing shareholders exercised 103.58 million rights out of the 222.2 million total shares that are available. The remaining shares were sold to qualified institutional investors.