November 29, 2016 / 9:51 AM / a year ago

Rwanda pushes back I&M Bank stake sale to 2017

KIGALI, Nov 29 (Reuters) - 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 exchange said.

“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 pipeline.”

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)

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