Mahwi Grain Millers Plc (MGM) has officially listed the second tranche of its five-year bond programme on the Rwanda Stock Exchange (RSE), raising Frw 2 billion from investors after an oversubscribed offer that signalled strong market confidence in the agribusiness sector.
The listing marks the second issuance under Mahwi’s Frw 5 billion Note Programme, which aims to finance the company’s continued expansion in grain processing and agro-industrial operations.
The proceeds will support projects aimed at improving food production, processing, and value addition, aligning with Rwanda’s broader agricultural transformation agenda.
Speaking at the listing ceremony in Kigali, Rwanda Stock Exchange Chief Executive Officer Pierre Celestin Rwabukumba hailed the successful issuance as a reflection of investor trust and the growing depth of Rwanda’s capital market.
“This achievement highlights the vitality of our market as a preferred platform for capital raising,” said Rwabukumba.
“The funds raised through this bond will be directly channeled into projects that ensure that the benefits of agriculture extend far beyond the field. As a market, we are proud to contribute to the success and development of a company involved in Africa’s agricultural transformation.”
Echoing this sentiment, Capital Market Authority Chief Executive Officer Thapelo Tsheole said the listing demonstrated the steady evolution of Rwanda’s capital markets and the increasing appeal of fixed-income investments.
“Mahwi Grain Millers’ success is a testament to the evolution of Rwanda’s capital market,” said Tsheole.
“The new tranche increases the diversity of fixed-income instruments and signals a market that shows steady maturation, broader opportunities, and stronger collaboration across issuers, intermediaries, and investors.”
Mahwi Grain Millers Chairperson Chantal Habiyakare, in her keynote address, described the listing as a milestone for both the company and the local market.
“We issued the bond in two tranches because we wanted to build confidence in the market, and today’s listing proves that we have succeeded,” Habiyakare said.
“As a company, we have experienced tremendous growth since the listing of the first tranche. Therefore, I encourage everyone present to go out and spread the word that the market is ready and well-functioning.”
Founded in 2018, Mahwi Grain Millers specializes in industrial-scale grain processing for both human consumption and animal feed.
The company currently produces and distributes refined maize flour, with a capacity of 150 metric tons per day, and plans to expand its operations through additional investments in production capacity and regional distribution.
The Rwanda Stock Exchange, incorporated in 2005, serves as the cornerstone of Rwanda’s capital market, providing a platform for domestic and cross-border investment.
The RSE currently lists 10 companies—five domestic and five cross-listed from Kenya and South Africa—alongside 85 treasury bonds and five corporate bonds on its fixed-income board.
The successful listing of Mahwi’s second bond tranche underscores the growing investor appetite for Rwanda’s fixed-income securities and highlights the private sector’s increasing use of the capital market to fund long-term growth.
