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Rwanda government sale of I&M Bank stake oversubscribed

KIGALI (Xinhua) -- The Rwandan government’s sale of its stake of 19.81 percent in I&M Bank (Rwanda) Limited to the public has been oversubscribed, the finance ministry said in a statement on Monday night.

The Offer for Sale involved the issuance of 99,030,400 shares that were made available to potential investors.

The sale program allotted 60 percent of the shares to Rwandan and East African investors and balance of 40 percent was allotted to foreign investors.

Total numbers of shares applied from across all pools were 206,893,000 over and above the 99,030,400 shares that were on offer, which represents an oversubscription rate of 209 percent, the finance ministry said.

“The over subscription ... is a testimony to the confidence investors have in the economy of Rwanda generally and the bank in particular. Oversubscription of the shares also gives credibility to the government of Rwanda’s privatization program,” said Claver Gatete, Rwanda’s Minister of Finance.

“Having successfully carried out allotment of the shares to the successful applicants, we are confident that the listing of the shares on Rwanda Stock Exchange will facilitate the growth of our capital markets,” Gatete added.

Established in 1963, I&M Bank Rwanda (erstwhile Banque Commerciale du Rwanda Limited - BCR) is the Rwanda subsidiary of I&M Bank Group Limited and the first bank in Rwanda.

Headquartered in Nairobi, Kenya, the bank is a leading financial services provider with operations in four countries in Africa.

In Rwanda, the company’s product offering includes business banking, personal banking, diaspora banking as well as corporate banking.



Rwandan opposition Green Party names presidential flag bearer

KIGALI Rwanda (Xinhua) -- Rwanda’s opposition Democratic Green Party has nominated Frank Habineza as its flag bearer for the coming presidential elections slated for August 4.

A statement released by the party on Tuesday said the flag bearer was elected at the party’s first national congress held last Sunday.

The statement issued by Jean Claude Ntezimana, the party’s secretary-general, outlines several areas in their manifesto.

They include fighting food insecurity by introducing better farming methods, addressing unemployment, introducing sustainable progressive taxation, and promoting freedoms of expression, association, worship, and media.

It promises to establish at least one hospital per district and a reference hospital each province, and set up health centers in all administrative sectors of the country.

Rwandans will go to polls on August 4 to elect the Head of State in the country’s third multiparty presidential elections, while Rwandans abroad will cast votes a day earlier.

A constitutional amendment passed last year means that President Paul Kagame of the ruling Rwandan Patriotic Front is eligible to stand for re-election for another seven-year term.

Figures from the National Electoral Commission indicate that about 6.6 million Rwandans are expected to cast their vote in the election.

Rwanda’s first multiparty democratic presidential poll took place in 2003 while the second in 2010. Both were won by Kagame. Political analysts believe Kagame will easily win another term.



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