October 19, 2018 / 5:29 AM / a month ago

UPDATE 1-Bank of Kigali prices its cash call at 270 francs per share

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KIGALI, Oct 19 (Reuters) - Rwanda’s Bank of Kigali has priced its rights issue at 270 francs per share, seeking to raise 60 billion francs ($67.81 million), it said in a statement seen by Reuters on Friday.

The lender, which is Rwanda’s biggest by assets, is offering one new share for every three held, issuing a total of 222.22 million shares, which will be listed domestically and on the Nairobi bourse, it said.

The offer will open on Oct. 29 and the new shares will start trading on both the bourses from Nov. 30, the bank said.

Its management had said in May that $10-20 million of the funds raised from the cash call would be spent on its technology systems to allow mobile phone-based lending, with the rest going to its insurance and lending businesses.

The 52-year old lender that has 76 branches saw its pretax profit rise by a third to 22 billion francs in the first half of this year.

Renaissance Capital (Rwanda) Limited is the lead transaction adviser.

Reporting by Clement Uwingiriyimana, writing by Duncan Miriri; Editing by Vyas Mohan

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