Abu Dhabi's Invest AD said it has joined hands with a fund run by Japan's SBI Holdings to buy into the initial public offering of Bank of Kigali, Rwanda's largest bank by assets.
Its entry into the $75 million IPO, which was completed last month and was the second listing on Rwanda's nascent bourse, is the first deployment from the $75 million Invest AD Emerging Africa Fund.
'Because of strong economic growth, Africa has a very interesting IPO pipeline,' David Sanders, Invest AD's chief investment officer, said in a statement.
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