BK Group PLC shareholders in May this year approved the cross-listing on the Nairobi Securities exchange
International
investors keen on acquiring shares of BK Group PLC at the Nairobi
Securities Exchange will have to wait a bit longer as the firm says the
process will be complete by the end of December this year.
The group had initially announced that they expected the process to be complete by October this year after completing necessary procedures.
Speaking while announcing the half-year financial results of the group, the group’s Chief Executive Officer Dr. Diane Karusisi said that they expected the process to be complete by the end of the year.
Currently, she said they were in the process of meeting all regulatory requirements in Rwanda and Kenya.
“We are looking to have completed the process by the end of December this year. Since our announcement, we have been receiving very positive sentiments by potential investors and our current shareholders,” she said.
The bank is also currently conducting roadshows to raise awareness and interest by investors in their international market.
The move was approved by the Annual General Meeting in May this year.
The move will see investors interested in acquiring the lender’s shares have the options of trading in Kigali or in Nairobi.
Trading in the Nairobi Securities Exchange – the biggest in the region – could ssee see BK Group have a larger access to investors from the international market.
International investors often face compliance issues as there are no international custodians as is the case in Nairobi Securities Exchange.
The Nairobi Securities Exchange presents the advantage of custodians such as Barclays and HSBC, allowing international investors to trade local shares.
The Group will also benefit from increased liquidity listing in NSE as it has a higher turnover compared to the Rwanda Stock Exchange.
The process is expected to increase between $60m-$70m with a section of it earmarked for continued digitisation of the Group’s operations.
The Rwanda Stock Exchange has a daily turnover of between $15,000 and $20,000 while Nairobi Securities exchange has a turnover of about $7m a day.
Existing shareholders will have the first rights to invest before the rest of the market can access the shares.
The group yesterday announced a net income of Rwf 13.4B (about $ 15.4 million) in the first half of 2018 and projected post-tax profits of Rwf 28B profit at the end of 2018
editorial@newtimes.co.rw
The group had initially announced that they expected the process to be complete by October this year after completing necessary procedures.
Speaking while announcing the half-year financial results of the group, the group’s Chief Executive Officer Dr. Diane Karusisi said that they expected the process to be complete by the end of the year.
Currently, she said they were in the process of meeting all regulatory requirements in Rwanda and Kenya.
“We are looking to have completed the process by the end of December this year. Since our announcement, we have been receiving very positive sentiments by potential investors and our current shareholders,” she said.
The bank is also currently conducting roadshows to raise awareness and interest by investors in their international market.
The move was approved by the Annual General Meeting in May this year.
The move will see investors interested in acquiring the lender’s shares have the options of trading in Kigali or in Nairobi.
Trading in the Nairobi Securities Exchange – the biggest in the region – could ssee see BK Group have a larger access to investors from the international market.
International investors often face compliance issues as there are no international custodians as is the case in Nairobi Securities Exchange.
The Nairobi Securities Exchange presents the advantage of custodians such as Barclays and HSBC, allowing international investors to trade local shares.
The Group will also benefit from increased liquidity listing in NSE as it has a higher turnover compared to the Rwanda Stock Exchange.
The process is expected to increase between $60m-$70m with a section of it earmarked for continued digitisation of the Group’s operations.
The Rwanda Stock Exchange has a daily turnover of between $15,000 and $20,000 while Nairobi Securities exchange has a turnover of about $7m a day.
Existing shareholders will have the first rights to invest before the rest of the market can access the shares.
The group yesterday announced a net income of Rwf 13.4B (about $ 15.4 million) in the first half of 2018 and projected post-tax profits of Rwf 28B profit at the end of 2018
editorial@newtimes.co.rw
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