South African healthcare company RH Bophelo (RHB) on Monday cross-listed on the Rwanda Stock Exchange (RSE) with an intention of diversifying its investor base from East Africa.
RH Bophelo’s primary listing and exchange will remain as the JSE, with the RSE listing being a secondary.
In a statement, the Healthcare investment vehicle said the listing presents it with a great opportunity to diversify its investor base and explore investment opportunities beyond South Africa.
“This is a double plus and a major milestone to the nascent Kigali International Financial Center in its formation stage. It sends another message out there, that we can achieve capital formation from Africans, by Africans and for Africans,” Pierre Celestin Rwabukumba, chief executive of the RSE said.
The company added that RSE offers RHB the exposure that comes with Rwanda being at the epicentre of East Africa and a leader on the African continent.
“The Rwanda listing couldn’t have come at a better time, especially in a month where, as Africans, we are celebrating Africa Month. This is an opportunity to promote African unity, investments across Africa and its people, deeper regional integration, and to recommit Africa to a common goal,” says Dion Mhlaba, RH Bophelo’s CFO.
The brokers and brokerages in Rwanda, Kenya, Uganda and Tanzania are linked, which provides RHB with an opportunity for both exposure and a deeper and wider spread of our shareholder base.
The RHB is the ninth company to list on the Rwanda market and the first cross-listing from outside the East African region, according to the RSE. Others include Bank of Kigali Group, Brasseries et Limonaderies du Rwanda (Bralirwa), Crystal Telecom, Equity Group, I&M Bank Rwanda, KCB Group, Nation Media Group and Uchumi Supermarkets.