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I&M Bank Rights Issue Oversubscribed By 12%

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KIGALI, Rwanda

The I&M Bank (Rwanda) Plc 2020 Rights Issue has been successfully completed with an oversubscription of 12%. The Rights Issue was undertaken to secure long-term funding to accelerate investment in technological platforms and bolster the bank’s tier 1 Capital Adequacy Ratio.

Faida Securities Rwanda and I&M Burbidge Capital were the joint lead Transaction Advisors for the I&M Bank (Rwanda) Plc 2020 Rights Issue.

A Rights Issue is an invitation by a company to existing shareholders to purchase additional new shares in the Company in proportion to their existing holdings at a discount to the market price.

 “Despite the effects of the COVID-19 pandemic,” Ms Rina Hicks, Chief Operations Officer at Faida Securities Rwanda, an associate company of Faida Investment, Bank said, “we are proud to partner with the bank in this transaction and are optimistic about the Bank’s growth prospects.”

She said I&M Bank Rwanda has a track record of offering high return on average equity and is a strong dividend counter.

She added: “We believe that going forward, growth will be driven by the bank’s current strategy which largely focuses on increasing their MSME offering and leveraging digital banking to enhance efficiency and revenue diversification.”

Ms Gauri Gupta, Director at I&M Burbidge Capital, said: “We are delighted to have advised on this successful transaction. The advisory teams and the bank’s transaction team worked extremely hard to complete this within the timeframes, and the highly successful outcome is a testament to the professional approach of the advisory teams as well as I&M Bank’s fantastic performance record and reputation in the market.”

 I&M Bank Rwanda has grown steadily over the past five years and the results of this Rights Issue demonstrate the commitment by its shareholders to continue to be a part of the Bank’s sustainable growth story, Ms Gupta said.

See Also >> Bank CEO Earning Big, as Others Get Peanuts

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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