The Rwanda National Investment Trust (RNIT) Iterambere Fund Initial Public Offering (IPO) issuance has realised over Rwf1 billion.
Speaking during the news conference yesterday, Andre Gashugi, the RNIT chief executive, said the money was raised during the IPO period, from July to October, adding that the offering was dominated by reinvestment option that attracted 842 investors, accounting for Rwf953.4 million of the funds.
“During the IPO period, RNIT reached out to institutions, individuals, savings groups and co-operatives, encouraging them to save and invest through the Iterambere Fund. The IPO was issued on July 12 and closed on October 7, raising a total of Rwf1,046,892,986 from 920 applications,” he said.
Of this (Rwf1,046,892,986), institutional investors accounted for Rwf943,861,000, while Rwf103,031,986 was from retail investors, from 842 reinvestment option and 78 income option, bidders, respectively.
“Rwanda is promoting the spirit of self-reliance to ensure the country is in our hands and hence guarantee sustainable development and economic growth. So, it is important to maintain the enthusiasm among the population to achieve our development goals. It is also crucial for Rwandans to understand that investing in this Fund is an opportunity for them to contribute and benefit from the growth of our economy,” Gashugi said.
“Consumption sustains today’s life, but investment sustains the future for both individual and institutional investors. RNIT Iterambere Fund is an open-ended scheme to serve that purpose.”
Gashugi underscored the Fund’s role and advised individual investors, institutions, co-operatives, and savings groups to continue saving and investing through the Fund as a way of securing their future and that of their families.
Meanwhile, Iterambere Fund subsequent sale will resume today at the Rwanda Stock Exchange, and the net asset value per unit will be Rwf100.92 and the minimum investment Rwf2,000 (20 units).
Equally, the marketing and sales campaigns will resume today to encourage Rwandans to continue to save and invest in the Fund.
The Government launched Iterambere Fund with the goal of fostering a savings culture among Rwandans and to mobilise resources domestically to fund its budget and spur economic growth.
