Mahwi Grain Millers Plc listed the second tranche of its Rwf5 billion, five-year note program on the Rwanda Stock Exchange, a Rwf2 billion offer that was oversubscribed and welcomed as another step in the deepening of Rwanda’s fixed-income market.
Capital Market Authority Chief Executive Officer Thapelo Tsheole said the successful issuance reflected the evolution and maturity of Rwanda’s capital markets.
“Mahwi Grain Millers’ success is a testament to the evolution of Rwanda’s capital market,” he said. “The new tranche increases the diversity of fixed-income instruments and signals steady maturation, broader opportunities, and stronger collaboration across issuers, intermediaries, and investors.”
The second-tranche listing provides Mahwi with long-term financing to strengthen its operations and expand along the agribusiness value chain, while widening investable options for savers in a market still dominated by government paper. Demand came from a diverse mix of investors, underscoring growing domestic confidence in corporate bonds as an asset class.
Rwanda Stock Exchange Chief Executive Pierre Celestin Rwabukumba said the listing demonstrated the bourse’s capacity to facilitate private-sector capital raising, as companies increasingly turn to the market for alternative financing.
Mahwi Grain Millers Chairperson Chantal Habiyakare said the company deliberately structured the bond in two tranches to test the market and build investor confidence.
“We issued the bond in two tranches to build confidence in the market, and today’s listing shows that we have succeeded,” she said. “As a company, we have experienced tremendous growth since the first tranche. I encourage everyone here to spread the word that the market is ready and functioning well.”
The oversubscription of the offer points to deepening investor appetite for private-sector debt as Rwanda continues to diversify its capital markets. The country has sought to attract more listings from corporates and financial institutions to complement a growing pipeline of government infrastructure bonds.
Incorporated in 2018, Mahwi Grain Millers processes grains into human food and animal feed at an industrial scale. Its return to the bond market highlights how local agribusinesses are leveraging capital-market instruments to fund growth and supply-chain expansion — signaling that Rwanda’s capital-market reforms are starting to deliver the depth and liquidity needed to support private-sector investment.
