At last, the long-awaited listing of Rwanda’s only integrated cement manufacturer, CIMERWA, was flagged off on Monday morning at Kigali Convention Center by Rwanda Development Board CEO, Clare Akamanzi.
The listing has taken place amidst skepticism that such a listing would go bad amidst the current Covid-19 global pandemic, but Akamanzi dispelled the fears saying that Rwanda’s economy is slowly getting back to business.
CIMERWA received approval from the Capital Markets Authority and the Rwanda Stock Exchange to list a free float of 344,575,560 shares (49% of 703,219,520 total shares) worth Rwf 41,349,067,200 (About US$43M) now available for trading to the investor community at Rwf120 per share on the Rwanda Stock Exchange.
The 49% constitutes shares owned by AGDF Corporate Trust on behalf of the government of Rwanda, Rwanda Social Security Board, Rwanda Investment Group, and Sonarwa Holdings Ltd.
With CIMERWA PLC Listing by Introduction, it has become the second company to list through this approach and the tenth to be listed on the Main Investment Market Segment of the RSE.
“It is inescapable to register CIMERWA’s listing as confidence conferred in our economy – that the economy will recover and excel, indicating a bright future for the infrastructure sector, which means strong cement growth,” Akamanzi said.
Rwanda Stock Exchange CEO, Celestin Rwabukumba, says the decision for CIMERWA to list on “our young bourse is yet another vote of confidence in our market’s ability to attract good reputable companies and investors from anywhere in the world.”
Rwabukumba said that, “It is a good signal for Rwanda as well as a country to showcase that we are open for business: Despite the current crisis the world economy is going thru, we are still going to keep a leadership role as a gateway to investment opportunities for the EAC region and the wider continent. We shall keep building schools and other big infrastructure projects, Visit Rwanda is here to stay, Made in Rwanda campaign shall prevail, and this is just to name a few.”
According to Regis RUGEMANSHURO CIMERWA Board Chair, joining the Rwandan Stock Exchange is clearly the logical next step for CIMERWA as a business, as it works to grow and scale up with the environment becoming more competitive. The Rwandan Bourse is steadily growing with an increasing portfolio of listed companies. CIMERWA comes in as the tenth Company to list on the main investment segment and looks forward to propelling itself to the next level by taking advantage of the numerous benefits of being listed.
Albert Sigei, CIMERWA CEO said that this listing by introduction will prove that, “We have been part and parcel of Rwanda’s growth story with a contribution to the society on many fronts.”
He also said that the listing is CIMERWA’s reminder that the company has always made bold moves and will continue to do so.
Last month Rugemanshuro said that, “The timing is right,” he said, adding that, “This transaction will create opportunities for private investors, and the Government will become a neutral player in a sector whose potential is yet to be fully exploited.”
Akamanzi called upon Rwandan citizens and institutional investors to take the opportunity and buy into the 10th company to list on the stock exchange.
Original article on Taarifa Rwanda