KIGALI, Nov 22nd 2010 - The Government of Rwanda is pleased to announce today the launch of the sale of its share equity in BRALIRWA, Rwanda’s largest beer and sparkling beverages company through an Initial Public Offer (IPO) on the Rwanda Stock Exchange. The IPO, the first of any local company, marks a significant step in the transformation and maturity of Rwanda’s nascent capital market and presents an opportunity to Rwandans to invest in one of the country’s largest and profitable corporate companies.

The Cabinet, at its Meeting of 27th October 2010, approved the sale of (i) 25% of the issued share capital of the Company held by it to the public by way of an Initial Public Offer (IPO) and the listing of the Company on the Rwanda Stock Exchange (RSE), and (ii) 5% of the issued share capital of the Company held by it to Heineken International BV., the majority shareholder of BRALIRWA SA. The 5% of total issued shares of the company were sold to Heineken International BV on 11th November 2010 at a premium of 5.3% on the actual valuation price for a total amount of US $ 7.8 million equivalent to more than RWF 4.6 billion. A total of 128,570,000 shares are on offer for RWF 136 per share. This is a reduced price from the actual valuation price by 20%. This discount was offered as an incentive to the public to embrace the capital market as an important avenue for savings and investments, as well as Government’s commitment to develop the capital market. Investors can buy up to a minimum of 100 shares at RWF 13,600. The expected proceeds from the sale of these shares to the public are amounting to RWF 17.5 billion. Thus, total expected proceeds from the whole transaction are evaluated to more than RWF 22.1 billion. This Initial Public Offer (IPO), which is open to both domestic and international investors, will go a great length towards connecting the international portfolio investors to Rwanda, and indeed, enabling Rwanda to tap into the international financial markets. The BRALIRWA share offer is part of the Government’s privatization programme, and serves to help develop and promote a savings and investment culture amongst Rwandans by broadening citizens’ shareholding of public enterprises.

Access to long term capital will become a reality when the culture of widespread ownership of shares and other financial assets becomes a norm among the population. It is for this reason the Government identified the capital market as a channel for long term savings mobilization and an opportunity to promote public ownership through the privatization programme. The share offer period will run from Tuesday, 23rd November 2010 and close by end of business on Friday 17th, December 2010. Finally, I call upon all Rwandans to participate to the IPO and take this opportunity to invest in a well managed and financially sound company.


BRALIRWA is a Rwandan company with roots that date back to over 50 years ago. In 1959, the company’s flagship beer brand Primus, was first produced in Gisenyi. The company is one of the largest corporate companies in the country and is the leading beverage manufacturer in RWANDA. BRALIRWA produces a wide range of beers and sparkling beverages products. The Company’s beer brands include: Primus, Mützig, Amstel, Guinness (produced under license), and Turbo King. Since 1974, BRALIRWA is the sole bottler of the Coca-Cola sparkling beverages in Rwanda, the Company’s sparkling beverages brands include: Coca-Cola Coke Zero (imported brand) Fanta Orange, Fanta Lemon, Fanta Fiesta, Sprite, Krest Tonic, Vital’o Eau Gazeuse

The BRALIRWA’s core values are:

  • Passion for Quality;
  • Enjoyment for life;
  • Respect for People, Society and the Environment we live in.

The values help to define the corporate culture and working methods within the organization.

BRALIRWA believes in making a difference to the society in which it operates.
The Company’s key theme in all its CSR programs / activities undertaken is ensuring sustainability across all aspects of its business by:

  • Improving environmental impact
  • Empowering their communities
  • Positively promoting the role of beer in society

BRALIRWA is one of the most profitable companies in Rwanda today, with gross revenues (including excise duty) of over RWF 71 billion and a Statutory net profit of over 6 billion in 2009.

The company has for a long time been the largest tax payer in Rwanda, contributing to approximately 12% of the domestic tax revenues of RWANDA.

BRALIRWA is a well managed and financially sound company, and key in this respect has been the guidance from its anchor shareholder, the Heineken Group, one of the world’s great brewers, committed to growth and remaining independent.

Media Contacts:

Freddy Nyangezi Biniga
Corporate Affairs Manager
Bralirwa Plc.
P.O. Box 131, Kigali, Rwanda
Mobile : +250 (0)7 88 35 36 08
e-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Arthur Asiimwe,
Mobile : +250 0788312517,
Gr8 Relations Ltd.
This email address is being protected from spambots. You need JavaScript enabled to view it.


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