RwandAir to be listed in 2013 or 2014 ?




According various articles, including this one writen by African Aviation Tribune (HERE), Rwanda plans IPO for Rwanda, this year.


African Aviation says : “Rwanda is expecting to float two state-owned companies, the Commercial Bank of Rwanda (BCR) and national carrier, RwandAir (WB), on the country’s fledgling stock market soon, the head of Rwanda’s Capital Market Authority (CMA)”, Robert Mathu has said.


Since some years, Governement of Rwanda plans to list RwandAir:


Business Daily (31 Dec 2010) : Other IPOs that are lined up include insurer Sonarwa, Rwandair, MTN Rwanda, Fina Bank and cement maker Cimerwa.


The Rwanda Stock Exchange Limited was incorporated on 7th October 2005 with the objective of carrying out stock market operations. The Stock Exchange was demutualised from the start as it was registered as a company limited by shares. The RSE is 60% owned by brokers, 20% by the Government of Rwanda and 20% by other shareholders.


RwandAir to be privatised in  and ready for listing    in 2015  ?




According to The New Times, RwandAir could be privatised, in 2015. RDB (Rwanda Development Board) has even put RwandAir, on the top of the list of companies that will be privatised. and probably listed on the Rwanda Stock Exchange.


However, as John Mirenge said, to be privatised, the airline has make profits, to attract investors. In deed, in 2006-2007, Brussels Airlines and Meridiana (Italy) planned to buy stake in RwandAir, but due to loss and disagreements about the strategy, the privatisation was put on hold.


But this times both Governement and RwandAir are optimistic, they think that RwandAir will break even, in 2015. Although, it’s difficult to know the financial health of the national flag carrier.


At RwandAir, they said,  we are not making profits at the moment, but we are working hard to improve the situation. Though we are performing progressively well and I am hopeful that we shall be ready in 2015.”


Same thing, from the Governement, The airline’s sale is still on hold until it overcomes its challenges. We are not certain when they will be able to acquire all the requirements for privatisation, but when they do, the process will begin,”Daniel Ufitikirezi, the head of asset and business management at RDB, said in an interview.


At the end of the article, The New Times adds, Air Rwanda, as the national carrier was called before rebranding in 2002, was bought in 1996 by Alliance Air, a South African airline, through a deal that reduced government’s stake to 39 per cent. The airline, however, reverted to the government when Alliance Air collapsed.



“After repossessing it, the government decided to first revitalise it before considering to sell it”, Mirenge said

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