PPC International Holdings Proprietary Limited (PPCIH) and local minority shareholders of CIMERWA Plc have individually entered into share purchase agreements which will see National Cement Holdings Limited, one of the largest cement manufacturers in East Africa, acquire 99.94 percent of CIMERWA.
The move represents a milestone for the industry in Rwanda, as its first and sole integrated cement producer becomes majority-owned by a company with a solid foothold in the East African region and strong growth ambitions in tune with the region’s infrastructure development imperative.
CIMERWA, is majority-owned by PPCIH, with a 51 percent stake, while the remaining 49 percent is distributed among minority shareholders, including Rwanda Social Security Board (RSSB), Agaciro Development Fund, Rwanda Investment Group and SONARWA General Insurance Company Holdings Ltd.
With strong support from its leadership team and shareholders, the company has achieved remarkable improvements in both operational efficiency and financial performance in past years.
National Cement is part of the Devki Group of companies, a conglomerate boasting a diverse portfolio in cement, steel, roofing materials, fertilisers, and packaging materials. As a significant player in the cement industry within the East African Region, the Group operates an integrated cement plant, a clinker plant, and multiple grinding plants in Kenya. Additionally, it operates a cement grinding plant in Eastern Uganda.
The acquisition of CIMERWA aligns seamlessly with the Devki Group's strategy of expanding its footprint, furthering its commitment to infrastructure development of the region.