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The Rwanda Stock Exchange this year gained two additional players to reach the minimum 10 players requirement for consideration under the World Bank Doing Business Report’s protection of minority investors indicator.


This follows the entrance of two new players; cross listing of RH Bophelo Limited (RHB) as well Cimerwa’s (CMR) listing by introduction.

The entry of Cimerwa, brought the total of trading companies on the RSE to 10. Other firms on the local bourse including Bank of Kigali (BK), Kenya Commercial Bank (KCB), National Media Group (NMG), Bralirwa (BRL), Uchumi Supermarket (UCHM), Equity Bank (EQTY), I&M Bank Rwanda (IMR), Crystal Telecom (CTL), and RH Bophelo.

Having less than 10 players saw the bourse perceived as not of age yet and unlikely to serve purpose in mobilisation of capital for large and medium sized firms. This for instance featured on the 2019 World Bank Doing Business Report’s indicator on protection of minority investors.


The bourse has increasingly handled a diverse profile of transactions include; listing by introduction, Initial Public Offer, cross listing and the recent rights issue by I&M Bank Rwanda which had an oversubscription of 112 per cent.

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