CIMERWA Listed by Introduction on the Rwanda Stock Exchange
CIMERWA Plc, Rwanda’s largest cement manufacturer, was yesterday listed by introduction on the Rwanda Stock Exchange under the Main Investment Market Segment (MIMS).
The listing of the cement manufacturer marked 10th company in the Rwandan market and the 5th local company to list on the Rwandan bourse.
The company’s shareholding is constituted of 703,219,520 shares (100%), of which the free float of 344,575,560 shares (49%) was made available for trading at the RSE at an initial offer price of RWF120 per share, the shareholders plan to raise a combined Rwf41.3 billion by selling their 344,575,560 shares.
The Government of Rwanda through the Agaciro Development Fund alongside Rwanda Social Security Board (RSSF), Rwanda Investment Group (RIG), and Sonarwa Holdings limited own a combined stake of 49 percent in the company which is a subsidiary of South Africa’s Pretoria Portland Cement, all of which the Rwandan government has planned to exit through sale of its shares on the RSE.
Albert Sigei, CEO CIMERWA Plc, explained that this will be an opportunity for investors to gain exposure into the attractive cement industry with solid growth potential.
“The listing will further 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” – Albert Sigei, CEO CIMERWA Plc