Shares in Rwandan brewer Bralirwa jumped 62 percent on their market debut as the country's stock exchange opened for business on Monday.
The government raised $29.5 million by selling a 25 percent stake at 136 francs a share in an initial public offering, and sold its remaining 5 percent to Heineken, which already holds 70 percent.
The shares closed at 220 francs on the Rwanda Stock Exchange (RSE).
Robert Mathu, executive director of the Capital Markets Advisory Council (CMAC), said the exchange's first transaction had triggered secondary trading. This meant CMAC would have to be dissolved to separate its functions.
The council was playing the roles of market operator and regulator. CMAC will now turn into a capital markets authority to regulate and guide the market, Mathu said.
Bralirwa Managing Director Sven-Erik Piederiet told Reuters 5 percent of government shares were sold to Heineken at 179 francs each, for a total $7.8 million, before the
Regulations and laws governing capital markets have been adopted by parliament. By the end of the week they will be operational, Rwanda Finance Minister John Rwangombwa said.
Rwanda is preparing for the listing of Banque de Kigali (BK) and telecoms operator MTN Rwanda, the local unit of South Africa-based MTN Group.
Rwanda's largest bank by assets, BK will offer a 25 percent stake in an IPO in the first half of this year.
The government also plans to sell a 20 percent stake in the country's biggest insurer, Sonarwa (Societe Nouvelle d'Assurance du Rwanda), in which Nigerian firm IGI owns a 35 percent stake.
Rwanda launched its over-the-counter bourse in January 2008. The exchange has mainly attracted Treasury and corporate bonds, and boasts two cross-listed Kenyan companies -- Kenya Commercial Bank and Nation Media Group.