CIMERWA PLC, Rwanda’s only integrated cement manufacturer listed its shares on the Rwanda Stock Exchange (RSE). Standard Investment Bank provided co-lead advisory services for the listing along with PwC, BK Capital, Bank of Kigali, Quake and Trust Law Chambers. CIMERWA was given the nod to list by Rwanda’s Capital Markets Authority and the RSE, with shares trading at 120Rwf per share.
Of the total listed shares (703,219,520), a free float of 344,575,560 shares (49%) will be available for trading to the investor community. The remaining shares are held by AGDF Corporate Trust on behalf of the Government of Rwanda, The Rwanda Social Security Board, Rwanda Investment Group, and Sonarwa Holdings Ltd.
Established in 1982, CIMERWA is Rwanda’s first and only integrated cement manufacturer. It is the second company in Rwanda to List by Introduction and the tenth to be listed on the Main Investment Market Segment of the RSE.
Speaking during the ceremony that marked the event, Albert Sigei, CIMERWA CEO expressed his confidence that this move would give retail and institutional investors – both local and international – 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 investors to participate in the ownership of CIMERWA” elaborated Sigei.
The listing adds to Standard Investment Bank’s string of successful advisory roles on high-profile IPOs and mergers and acquisitions, having recently advised on the acquisitions of National Bank and KenolKobil.