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Rwanda: Sonarwa Set to Float On Rwanda Bourse
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The New Times (Kigali)
27 March 2008
Posted to the web 27 March 2008
John Gahamanyi
Kigali
Société Nationale des Assurances au Rwanda (Sonarwa), a leading insurance company where government has a stake may be the number-one to listed on Rwanda-over- the counter capital market.
"Sonarwa is very ready and waiting for the capital market advisory council's decision (for shares to be floated)," James Musoni, minister of finance and economic planning announced.
Sonarwa's shareholders include government, Rwandex, Magerwa, Rwanda Tea Authority (Ocir-The) among others.
Finance minister said, all companies government has a 30 per cent stake or less will be floated on the OTC market.
While those where government has majority stake, strategic investors will be identified. But they will be encouraged to float part of the shares on the stock market too, Musoni said.
Some corporate companies where government has shares include: MTN Rwanda, Bralirwa, Rwanda Commercial Bank, Fina Bank and tea factories.
Currently, the secondary market in Rwanda comprises of a debt instruments. There are three treasury bonds and one corporate bond.
Equity securities are expected to be traded when a fully fledged stock exchange is launched probably in May this year.
Robert Marthu, the executive director Capital Markets Advisory Council (CMAC) said they are assisting Sonarwa meet the regulatory requirements.
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He added they have identified other profitable companies, which they will admit on condition of meeting the requirements.
This comes a few days CMAC has signed a memorandum of understanding with the East African Member States Securities Regulatory Authorities (EASRA).
The members will benefit from information sharing, mutual assistance and cooperation from the rest of the EAC member states.
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