Rwanda eyes more listings on fledgling bourse "soon"

KIGALI Sat May 4, 2013 4:21am EDT

KIGALI May 4 (Reuters) - Rwanda expects two companies, Commercial Bank of Rwanda (BCR) and the airline RwandAir, to list on the country's fledgling stock market soon, the head of Rwanda's Capital Market Authority (CMA) said.

Robert Mathu, executive director of the CMA, said he expected an initial public offering for BCR, in which the Kigali government holds a 20 percent stake, this year or in 2014.

Other companies, including insurance firm Sonarwa, Fina Bank and the local unit of South Africa's telecommunication company, MTN, were all potentials for listing, he said.

"BCR is the one that's certainly close. We also expect RwandAir to come to the market soon," Mathu told Reuters late on Friday.

Rwanda, a landlocked country of some 11 million people, listed its first two Rwandan companies, brewer Bralirwa and the country's biggest bank by assets, Bank of Kigali , in 2011. Both offerings were heavily oversubscribed, attributed to their cheap valuations and Rwanda's sound economic fundamentals.

Kenya Commercial Bank, the region's biggest bank by assets, and leading media firm Nation Media Group have cross-listed on the Rwanda Stock Exchange.

Foreign investors still see the country as a good bet. Rwanda's debut $400 million Eurobond was sold last month at a yield of 6.875 percent in an over-subscribed sale. (Reporting by Jenny Clover; Editing by Richard Lough and Robert Birsel)

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