KIGALI Nov 29 Rwanda's government has pushed
back the sale of its 20 percent stake in I&M Bank Rwanda
IPO-IMB.RW to the first quarter of next year, the governor of
the central bank said, leaving the Rwanda bourse without a
single new listing this year.
No reason was given for the delay to the I&M sale slated for
this year, but falling valuations on the Rwanda Stock Exchange
(RSE) have hampered government efforts to develop the East
African nation's nascent capital markets.
The total market capitalisation of the seven companies
listed on the RSE rose to $4.1 billion in 2015 but has fallen to
$3.6 billion this year because of weaker commodities prices, the
"For I&M we are almost done," the central bank's governor,
John Rwangombwa, told Reuters, referring to preparations for the
initial public offering. "There are at least two that are in the
Rwangombwa said that a second lender, GT Bank, would also
offer shares to the public at a later date.
(Reporting by Clement Uwiringiyimana; Writing by Duncan Miriri;
Editing by David Goodman)