Rwanda’s leading Cement manufacturer CIMERWA has received approval from the Capital Markets Authority and the Rwanda Stock Exchange to list its shares on the local bourse on August 3rd 2020.
Out of the listed shares constituting 703,219,520 shares (100%), a free float of 344,575,560 shares (49%) will be available for trading to the investor community at Rwf 120 per share on the Rwanda Stock Exchange.
The 49% shares are owned by Agaciro Development Fund (AGDF) Corporate Trust on behalf of the Government of Rwanda, Rwanda Social Security Board (RSSB), Rwanda Investment Group (RIG) and Sonarwa Holdings Ltd.
Cimerwa CEO, Albert Sigei, stated that the company has been part and parcel of Rwanda’s growth story and this listing by introduction will be an opportunity for investors to gain exposure into the attractive cement industry with solid growth potential.
“The listing will encourage the drive towards the building of a stronger capital market base. We are excited with the opportunity to bring on board a wider pool of retail and institutional investors, both local and international, to participate in the ownership of Cimerwa,” said Sigei.
“This new listing will give chance to Rwandan citizens to invest in and appreciate their own product, thus improving the corporate governance and transparency of the company, which is another barometer for the performance of the economy,” said Celestin Rwabukumba the CEO of RSE.
With Cimerwa PLC Listing by Introduction, it will become the second company to list through this approach and the tenth limited company to be listed on the RSE main Investment market segment.
Rwanda’s stock market has so far nine (9) listed and cross listed companies with the latest entrant being South Africa’s RH Bophelo Limited which is among the five (5) cross-listed companies on the Nairobi Securities Exchange (NSE) and Johannesburg Stock Exchange (JSE).
Other include Bank of Kigali, Bralirwa, Crystal telecoms, I&M Bank alongside foreign companies like Nation Media Group, Uchumi, Equity Bank and Kenya Commercial Bank.