Rwanda starts pre-offer campaign for BRALIRWA

Rwanda’s Capital Markets Advisory Council ( has launched a 2 weeks’ pre-offer campaign across the country to sensitize people ready for the initial public offer (IPO) of BRALIRWA. The Government is selling its 30% shareholding in Rwanda’s main beer and soft drinks manufacturer and distributor. Heineken previously bought 70%. from the Government and remains the major shareholder.
According to a report in the New Times newspaper (, no date has yet been set for the IPO and discussions continue, but it is still expected this year.
The paper quotes Celeste Rwabukumba CMAC Operations Manager:”This is the first phase of the campaign and we are targeting opinion leaders, business people as the IPO take place soon.” He said that the campaign would inform the public about the benefit of buying the Government shares which are intended to benefit them.
The pre-offer campaign started in the Northern Province and will then move to other parts of the country. It will include media such as radio, television and newspapers.
After this IPO, Government is expected to sell its shares in other major companies, including MTN Rwanda and Sonarwa, an insurance company.
CMAC is the overseer and regulator of Rwanda’s stock markets. It also charged with contributing to Rwanda becoming a competitive financial centre in the region.

2 Responses to “Rwanda starts pre-offer campaign for BRALIRWA”

  1. rob

    Their website is There is no investor relations section, the last news release is 26 March 2009 the events and newsletter section is “under construction” and there is no other information on the IPO. Any ideas where one might find pre-IPO information on Bralirwa? Educational material?

    There is an email registration service that goes through to the Heineken website and you can view the Heineken share price.

    It’s unusual that a big group has enabled its subsidiary to have their own url. Its not unusual to have their website unattended to for some time.

  2. Tom Minney

    I hope that they will read your comment and step up, there is lots of scope for many listed companies and stock exchanges to update their websites and the IPO could be a great time. I don’t know to what extent the CMAC is involved in the IPO materials.