Equity Group Holdings today cross-listed on the Rwanda Stock Exchange (RSE). The financial services company – which has banking interests in Rwanda, Uganda, South Sudan and Kenya – has joined the nascent RSE as part of its regional development strategy.
The cross-listing marks a major milestone for a bank that that is seeking to enhance its integrated financial solutions delivery capacity. The Group has banking operations in five countries – Rwanda ,Kenya, Uganda, South Sudan and Tanzania – with an additional five non-banking subsidiaries, across the region engaged in provision of investment banking, custodial, insurance agency, philanthropy, consulting and infrastructure services.
At the Rwanda Stock Exchange, Equity Group Holdings, has now listed 3,702,777,020 ordinary shares, at a par value of Rwf 3.76 (Ksh0.50) following the regulatory approval of the Capital Markets Authority of Rwanda. At a market capitalization in excess of $2 billion, Equity Group Holdings, becomes the largest listed company at the Rwandan bourse.
Speaking at a bell ringing ceremony, hosted as a curtain raiser to the ongoing two-day Capital Markets East Africa International 2015 Conference and witnessed by Rwanda President Paul Kagame, Equity Group Holdings Managing Director Dr James Mwangi welcomed customers and partners in Rwanda to acquire the firm’s shares.
The function, was also witnessed by the International Finance Corporation Vice Presidents Jingdong Hua and Ethiopis Tafara. Rwanda Minister for Finance Claver Gatete noted that developing countries stand to gain from their capacity to mobilise development resources through the capital market avenue.
“The purpose of cross listing is to facilitate the availability of shares to the wider East African market,” Dr Mwangi said. “The cross listing will provide an easy and efficient way for our stakeholders and partners in Rwanda to participate beneficially in the growth and fortunes of the Company through partial ownership.”