Government extends deadline for Cimerwa stake

Government extends deadline for Cimerwa stake
18 July 2019

The Government of Rwanda has moved the deadline to sell its stake in Cimerwa from 5 to 19 July, with the extension providing a chance for more individual investors and companies to submit a proposal, according to the Rwanda Development Board.

The government and its affiliates hold a 49 per cent stake in the company, while South Africa’s PPC is the majority shareholder at 51 per cent. The Rwandan government had initially given PPC an opportunity to buy the remaining shares.

According to reports, the government is looking to sell its stake after the producer has failed to meet domestic demand for cement and operates below its 0.6Mta capacity. In 2018 the company produced 364,864t while the country had to import 318,854t to meet the market demand of 640,455t.

Published under Cement News