Rwanda’s only integrated cement manufacturer Cimerwa PLC has received approval from the Capital Markets Authority and the Rwanda Stock Exchange to list its shares on the RSE on 03rd August 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 120Rwf per share on the Rwanda Stock Exchange.
The 49% constitutes shares owned by AGDF Corporate Trust on behalf of the Government of Rwanda, The Rwanda Social Security Board, Rwanda Investment Group and Sonarwa
Holdings Ltd.
Albert Sigei, CIMERWA CEO stated “We have been part and parcel of Rwanda’s growth story with contribution to the society on many fronts.
This listing by introduction will prove to be a fitting example of this statement.” With CIMERWA PLC Listing by Introduction, it will become the second company to list through this approach and the tenth to be listed on the Main Investment Market Segment of
the RSE.
Mr. Sigei 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” elaborated Sigei.
Speaking on the timing of the equity transaction considering the ongoing COVID-19 pandemic, CIMERWA Board Chairman – Mr. Regis Rugemanshuro explained that the
Company decided to continue with its plans and expressed confidence that CIMERWA remains a strongly attractive investment opportunity considering the fundamentals of
Rwanda as a Country and the cement industry in particular.
“The timing is right. This transaction will create opportunities for the private investors, and the Government will become a neutral player in a sector whose potential is yet to be fully
exploited.
There could not be a better avenue of achieving this objective than listing at the RSE. With Rwanda having about 57kg per capita cement consumption annually, we
have just but only scratched the surface on the huge long-term potential in the cement industry.”
The announcement of this equity transaction comes at a time when CIMERWA has been enlisted to supply cement to Government’s MINEDUC school expansion project where
over 22,000 classrooms will be built nationwide over a short span of 3 months. The supply to this project is progressing smoothly with the Company’s production currently being
robust at close to design capacity.
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