Rwandan cement producer CIMERWA is set to list its shares on the Rwandan Stock Exchange on 3 August, the company said in a press statement. Each share is trading at RWF120 (US¢12.6), the government expects to raise a total of RWF41.3bn.
The step is part of the government to sell its stake in the cement company, joining other shareholders that have expressed an interest in exiting from the business. The government owns a stake through Agaciro Development Fund, Rwanda Social Security Board, Rwanda Investment Group and Sonarwa Holdings.
The remaining stake of 51 per cent is owned by South Africa-based PPC and will be listed on the stock exchange but not traded.
Albert Sigei, Cimerwa's CEO, sees the development as an opportunity for investors to gain exposure to 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," Mr Sigei explained.
With a cement capacity of 0.6Mta, CIMERWA posted a net profit of RWF3.4bn last year.
