Kenyan Lender I&M Looks To List Shares By June

Kenyan Lender I&M Looks To List Shares By June

Kenyan lender I&M plans to list shares on the stock market by next month after it completed a merger with small investment company City Trust, I&M said on Wednesday.

I&M and City Trust combined through a share swap and the new company, named I&M Holdings Limited, holds the assets of both banks.

"The transaction ... provides us with the platform to raise additional capital in the future to facilitate the achievement of our long-term growth and expansion strategy," Arun Mathur, I&M Bank's chief executive, said in a statement.

The company did not say whether the listing would take place following a share sale or a placing with financial institutions.

City Trust, with share capital of 28.8 million Kenyan shillings ($341,800), was listed on an alternative segment of the Nairobi bourse reserved for companies with share capital below 50 million shillings.

I&M Holdings Limited, with share capital of more than 2.8 billion shillings ($33.23 million), will list on the main market segment. It has assets worth 145 billion shillings.

I&M operates in Rwanda through Banque Commerciale Du Rwanda, which it acquired in the middle of 2012, as well as Tanzania where it operates branches under the I&M brand. ($1 = 84.2500 Kenyan shillings)

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