Mahwi Grain Millers Plc (MGM) has officially listed its second tranche bond worth Frw 2 billion on the Rwanda Stock Exchange (RSE), reinforcing the company’s growing reputation as a key player in the country’s agribusiness and capital markets.
The issuance forms part of a Frw 5 billion, five-year note program approved earlier, with this second offer attracting strong investor demand and being oversubscribed, a signal of rising confidence in Rwanda’s corporate bond market.
The listing ceremony, held on October 8, 2025, drew senior officials from the RSE, the Capital Market Authority (CMA), and the private sector, all commending Mahwi’s continued role in driving financial innovation within the agricultural value chain.
Speaking at the event, Pierre Celestin Rwabukumba, Chief Executive Officer of the Rwanda Stock Exchange, hailed the milestone as another step forward in the deepening of Rwanda’s capital markets.
“This achievement highlights the vitality of our market as a preferred platform for capital raising. The funds raised through this bond will be directly channeled into projects that ensure that the benefits of agriculture extend far beyond the field,” he said.
Rwabukumba explained that as a market, RSE is proud to contribute to the success and development of a company involved in Africa’s agricultural transformation.
Adding to the remarks, Thapelo Tsheole, CEO of the Capital Market Authority, praised the development as a reflection of market maturity and innovation.
“Mahwi Grain Millers’ success is a testament to the evolution of Rwanda’s capital market. 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,” he said.
On her part, Chantal Habiyakare, Chairperson of the company’s Board of Directors, noted that the company’s approach of issuing the bond in two stages had been deliberate to build market trust.
“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. As a company, we have experienced tremendous growth since the listing of the first tranche,” she said.
Habiyakare encouraged the public to go out and spread the word that the market is ready and well-functioning
Founded in 2018, Mahwi Grain Millers operates in large-scale grain processing, producing both human food and animal feed, with a daily capacity of 150 metric tons of refined maize flour.
Ready to venture into mass production of animal feeds using this second listed bond, the firm’s growth reflects the increasing dynamism of Rwanda’s agribusiness sector and the country’s broader ambition to link agriculture with industrial and financial markets.
The Rwanda Stock Exchange, established in 2005, continues to anchor the nation’s capital-market expansion, hosting ten listed companies and a growing bond portfolio of over 90 securities.
The listing of Mahwi’s second tranche not only boosts corporate participation but also signals the readiness of Rwanda’s financial ecosystem to support sustainable private-sector growth through capital markets.
