Heineken NV’s Rwandan unit, Brassieries et Limonaderies du Rwanda SA, surged 62 percent on debut on the Rwandan Stock Exchange, that opened today.
The stock first traded at 220 Rwandan francs ($1.67), Robert Mathu, executive director of the Capital Markets Advisory Council, said at the listing in the capital, Kigali. The initial public offering price was 136 francs.
The East African nation’s government sold a 25 percent stake in the brewer, known as Bralirwa, through the IPO that was held from Nov. 23 to Dec. 17. While the government planned to raise $29.5 million from the share, applications were $80 million, Finance Minister John Rwangombwa told reporters.
The share sale by Bralirwa is the first on the country’s stock exchange, started operating today. An over-the-counter exchange has two companies: Kenya Commercial Bank Ltd. and Nation Media Group Ltd.
“I am confident that the Bralirwa IPO will set the stage for other IPOs to follow,” Rwangombwa said.
The government is in talks to this year sell its 10 percent stake in MTN Rwanda, which is 55 percent owned by MTN Group Ltd. of South Africa, he said. Another shareholder with a 35 percent stake will probably also offer its shares in public offer, Rwangombwa said.
State-owned Banque de Kigali, the East African nation’s biggest lender by assets, will sell shares in May and other partially state-owned companies may sell stock through the bourse, including cement-maker Ciments du Rwanda Ltd. and Rwanda Commercial Bank.
Rwanda is trying to rebuild its economy after experiencing a genocide in 1994 in which about 800,000 people died in a 100-day slaughter of ethnic Tutsis and moderate Hutus by Hutu militias. The massacre followed the assassination of Rwandan President Juvenal Habyarimana.