The Government of Rwanda has finally put its shares in Cimerwa on the market as it moves to divest from the country’s largest cement producer. The Government controls 49 per cent of the Bugarama based plant. Through Agaciro Development Board and Rwanda Development Board (RDB), Government has issued a request for expression of interest, seeking to attract investors to buy the stake it owns in the company. “The Government of Rwanda (GoR) through the Agaciro Sovereign Wealth Fund and Rwanda Development Board is seeking interested individuals, companies and/or consortiums to submit their expression of interest to buy shares owned by GoR and some of its affiliates in Cimerwa,” a notice by RDB reads in part. According to RDB, Government has already established a panel of representatives to review the viability and fit of prospective investors with a view to determining whether they are a suitable for the Government and the other shareholders in Cimerwa. It has set July 5 as the deadline for interested investors to submit the proposals to buy its stake. This comes following an announcement by the Government in March this year that it was in the process of withdrawing its investment which has not been profitable despite efforts to keep the company afloat. In 2012, South Africa-based Pretoria Portland Cement (PPC) bought majority stakes in Cimerwa, taking up 51 per cent shareholding, with the government retaining 49 per cent. This was expected to turn around the fortunes of the company. But Government lost patience and interest after the company failed to meet the domestic demand for cement. Consumers continue to decry of high prices of cement and available data shows that more consumers are still importing cement, especially from countries like Uganda and Tanzania.
