February 14, 2017 / 8:29 AM / 3 years ago

Rwanda sets I&M Bank IPO share price at 90 francs

NAIROBI (Reuters) - The initial public offering of shares in I&M Bank Rwanda Ltd have been priced at 90 francs ($0.1085) each, the Rwandan finance ministry said on Tuesday.

The government is selling 99,030,400 shares, representing a 19.81 percent stake in the lender, with the proceeds set to fund the construction of a second airport near the capital.

The offer opened on Tuesday and is expected to close on March 3, the ministry of finance said in a statement.

The bank’s assets stood at 191,805,234,000 francs ($231.25 million) at the end of September, 2016.

It reported an operating profit of 6,686,959,000 francs in the first nine months of last year.

The Finance Minister Claver Gatete told parliament last week that the government aimed to raise 11.5 billion francs from the sale.

The Rwandan bourse currently has seven listed firms valued at $3.4 billion.

($1 = 829.4300 Rwandan francs)

Reporting by Clement Uwiringiyimana; editing by Duncan Miriri and Jason Neely

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