Kenyan retailer Uchumi to list shares on Rwanda bourse
NAIROBI Oct 4 (Reuters) - Kenyan retailer Uchumi Supermarkets has received regulatory approval to cross-list its shares on the Rwanda Stock Exchange, it said on Friday, a move expected to help it broaden its range of shareholders ahead of a share sale later this year.
Uchumi, Kenya's second-largest retail chain by sales, has 25 stores across east Africa, where fast-expanding economies are creating a growing middle class.
"Listing Uchumi shares in Rwanda will help in the development of the capital market in that country and at the same time provide an investment opportunity to thousands of Rwandese willing to invest in the stock market," Chief Executive Jonathan Ciano said in a statement.
Uchumu, which is aiming to offer 100 million shares in a rights issue later this year, is also planning to open stores in Rwanda, expanding its network of outlets in Kenya, Uganda and Tanzania.
Several Kenyan firms have already listed their shares in regional bourses like Kampala, ahead of the full integration of Kenya, Uganda, Rwanda, Burundi and Tanzania under the East Africa Community common market.
Other Kenyan stocks listed on the Kigali bourse include Kenya Commercial Bank and Kenya Airways. (Reporting by Duncan Miriri; Editing by James Macharia and Jane Merriman)
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