![[Rwanda] BK Group PLC cross-lists on Nairobi Securities Exchange](Images/Key Industry Images/stock-exchange.jpg)
[Rwanda] BK Group PLC cross-lists on Nairobi Securities Exchange
BK Group PLC has cross-listed on the Nairobi Securities Exchange (NSE) becoming the first Rwandan company to tap into the Kenyan Capital Market.
Established in 1966, BK Group is Rwanda’s largest lender in assets with operations across banking, insurance and investments. Speaking during the cross-listing ceremony, the NSE Chief Executive, Mr. Geoffrey Odundo noted that, “We are delighted that the BK Group has chosen to tap into the Kenyan Capital Market as it seeks to strengthen its investor base, enhance liquidity of its stock as well as harness its growth opportunities in line with its corporate vision of becoming the leading provider of the most innovative financial solutions in the Region.”
Reiterating his remarks, the NSE Vice-Chairman, Mr. Bob Karina said, “The cross listing will enable the Group’s stock to be traded in more than one country hence growing its liquidity & enhancing visibility of the company. The cross-listing will also grow and expose the Group’s stock to foreign institutional investors who make up to 65% of the total investors in our market hence increase its investor base and mix”.
Dr. Diane Karusisi, CEO, BK Group , said, ‘We are honored to be the first Rwandan company to cross-list on the Nairobi Securities Exchange as part of our successful Kshs.7 Billion capital raise, the proceeds of the capital raise will go to finance our exciting growth strategy and ensure that our subsidiaries, particularly Bank of Kigali, are adequately capitalized. We are delighted to welcome our new shareholders who have invested through the NSE and are grateful for their investment and support.’
David Dalhuisen, Head of Africa Investment Banking, Renaissance Capital, Lead Transaction Advisor, Sole Bookrunner & Kenya Sponsoring Broker commented, ‘This landmark listing as a sign of increasing integration of the East Africa capital markets is very positive, and this transaction is particularly exciting as it is the first time that an East African company has combined a cross listing with a capital raise, showing the potential and advantages of tapping a new market for that purpose. It is also exciting for investors through the NSE that they will have access to invest in one of East Africa’s outstanding companies for the first time.’
The Group enjoys market leadership in Rwanda’s banking sector with a wide footprint of 79 branches supported by a growing network of agents and digital banking solutions. The cross-listing comes shortly after a successful rights issue, where the bank aimed at raising Kshs. 7 Billion.
