March 21, 2017 / 4:59 AM / a year ago

UPDATE 1-Investors flock to I&M Bank Rwanda IPO

(Adds comment by the finance minister)

KIGALI, March 21 (Reuters) - Rwanda’s initial public offering of a 19.81 percent stake in I&M Bank IPO-IMB.RW attracted solid demand from investors, with the subscription rate at 209 percent, the finance ministry said.

The government offered 99,030,400 shares in the lender to raise funds for the construction of a second airport near the capital.

Finance Minister Claver Gatete said in a statement issued late on Monday that the demand for the shares “gives credibility to the Government of Rwanda’s privatisation program.”

Some 60 percent of the shares were allotted to applicants from Rwanda and the regional East Africa bloc, with the rest going to foreign investors, the finance ministry said.

The shares will be listed on the Kigali bourse on March 31 and trading will start on the same day. The Rwandan bourse currently has seven listed firms valued at about $3.4 billion. (Reporting by Clement Uwiringiyimana; Writing by Duncan Miriri; Editing by Kim Coghill and Sunil Nair)

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