VENTURES AFRICA – Kenya’s largest retail chain by sales, Uchumi Supermarket Limited will have its shares available on the Rwanda Stock Exchange (RSE) in the next few weeks following regulatory approval from the bourse and the Rwanda Capital Market Authority (CMA) to cross share.
Uchumi CEO, Jonathan Ciano said the approval to cross share on the Rwanda bourse will give Rwandans a sense of ownership of the supermarket.
He believes cross sharing of Uchumi shares will help develop Rwanda’s capital market and at the same time provide an investment opportunity to thousands of Rwandans willing to invest in the stock market.
“Uchumi will be among the listed securities in the Rwanda Capital Market which is great for us. It will also give us the visibility that we and our customers need. Our objective is to make Uchumi a business that is owned, managed and supported by East Africans,” Ciano said.
Rwanda’s CMA Executive Director, Robert Mathu also supported Ciano’s assertion noting that Uchumi’s cross listing on the bourse will pave way for similar Rwandan companies to participate in the security market as well as enhance public awareness about financial product.
He added that the regulatory body has put in place sufficient infrastructure and the requisite listing and trading rules to facilitate the process.
“The board of CMA has approved the cross listing of 265,426,614 ordinary Uchumi shares of par value Sh5 each on the Rwanda Stock Exchange,” Mathu said.
Uchumi is aiming to offer 100m shares in rights issues later this year with additional plans to open stores and outlets in Kenya, Rwanda, Uganda and Tanzania.
The retail company is also seeking approval on the Uganda Securities Exchange and the Dar es Salam Stock Exchange ahead of a rights issue expected to be completed by the end of the year.