RWANDA – CIMERWA PLC, a cement manufacturer, has received approval from the Capital Markets Authority and the Rwanda Stock Exchange to list its shares on the RSE on 03rd August 2020.
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.
“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,” Albert Sigei, CIMERWA CEO stated.
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.
Established in 1982, CIMERWA has over three decades worth of experience as Rwanda’s first and only integrated cement manufacturer. The firm’s production plant is located in Bugarama, Rusizi District near the South Western border of Rwanda.
CIMERWA is the only cement company in Rwanda which mines raw materials, produces clinker then Mills and packs cement for general and civil construction use.
CIMERWA is committed to building strong partnerships with leaders and members of the local community. In the process, the firm has helped set up a number of initiatives geared at improving the livelihoods of the people. These include a nursery and primary school, a medical clinic, a market, a tailoring workshop and providing them with clean, piped water among many others.
The move is part of the strategy by the Government of Rwanda to cede its stake in the country’s largest cement manufacturing firm. Other shareholders have also expressed interest in exiting from the business.
Government through Agaciro Development Fund alongside Rwanda Social Security Board, Rwanda Investment Group and Sonarwa Holdings Ltd own a combined stake of 49 per cent in the company.
With each share trading at Rwf120, the above shareholders plan to raise a combined Rwf41.3 billion by selling their 344,575,560 shares.
The remaining 51 per cent or 358,643,960 shares, owned by South Africa’s Pretoria Portland Cement (PPC), will be listed on the RSE but won’t be traded.
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