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CMA approves cross-listing of first Rwandese Company on bourse

Nairobi, 30 October, 2018…The Capital Markets Authority (CMA) has granted approval for the cross-listing by introduction of Bank of Kigali Group Plc (BK), a holding company of Bank of Kigali Plc, BK Insurance, BK Capital and BKTecHouse, on the Nairobi Securities Exchange (NSE). This marks the cross-listing of the first Rwandese company on the bourse. The issuer was listed on the Rwanda Stock Exchange (RSE) in 2011 through an Initial Public Offer.

Chairman of the East African Securities Regulatory Authorities (EASRA) and CMA Chief Executive, Paul Muthaura lauded the new listing for its role in fostering progress towards the development of East African Community single market in financial services.

Mr. Muthaura noted, ‘the cross-listing will facilitate cross-border investments, further strengthening the Memorandum of Understanding entered into between capital markets regulators in Kenya, Uganda, Tanzania, Rwanda and Burundi through which a common blueprint on the integration of the East African capital markets was adopted. It will further enhance Kenya’s position as an international financial centre and gateway for regional and international capital flows.’

The cross-listing of the issuer on the Nairobi Securities Exchange is expected to address challenges BK Group faces in Rwanda, due to the small size of the capital markets, by unlocking liquidity constraints and providing access to a wider pool of investors. Investors are expected to benefit from the opportunity to participate in the diverse income streams of BK Group and its future capital growth.

In its information memorandum submitted to CMA, BK Group has disclosed plans to undertake a rights issue on the RSE primarily, to raise Kshs7 billion (US$70 million). The proceeds of the rights issue will ensure that subsidiaries, and in particular Bank of Kigali PLC, are adequately capitalized to comply with capital adequacy requirements and implement its growth strategy.

‘Untaken Rights will be placed with qualified institutional investors on the NSE (rump shares) through a private placement, and thus will not be available to the general public in Kenya’, BK Group’s information memorandum states. It is estimated that 40 percent of the capital raised will fall under rump shares.



The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.

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