Rwanda continues to ready for BRALIRWA public offer

Preparations continue in Rwanda for the listing of BRALIRWA, originally said earlier this year to be coming “very soon”. It will be the first Initial Public Offer on the Rwanda Over-The-Counter stock market. Recently Government officials announced the advisers, according to a report in New Times ( newspaper.
Brasseries et Limonaderies du Rwanda ( is the only brewer and estimated to have 95% market share, as well as the Coca Cola franchise. It is owned 70% by international Heineken Group and 30% by the Rwandan Government. According to previous reports, the Government wants to sell 25% to the public and 5% to Heineken, but was examining applications to be the transaction adviser and sponsoring broker.
Government has said that advisors will be a consortium of MBEA Kampala, MBEA Security Services Kigali and Renaissance Capital of Nairobi as the lead transaction advisor. Lead sponsoring broker is Dyer & Blair Investment of Kenya and African Alliance, also Kenyan, is co-sponsoring broker.
Sanjeev Anand, the Managing Director of Commercial Bank of Rwanda (BCR) said last week that BCR will join Kenya Commercial Bank as receiving bank, although KCB is the lead receiving bank, according to the report: “Applications will be presented to BCR which will reconcile them with the funds.” He said they had won the role through bidding and on the basis of expertise: “We have the capability to do it, given our experience in preparing IPOs in other countries like Uganda and elsewhere, and we are proud to be involved in the first IPO in the country.”
So far trading on the Rwanda OTC has been mainly treasury and other bonds, with limited trading in the dual-listed shares of KCB. The Rwanda OTC is operated, developed and regulated by the Capital Markets Advisory Council (

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