Sources privy to the deal said the government was putting final touches on issuing BSC IPO and also list its 49 per cent shares in Cimerwa PPC shares in April.

However, execution will be shelved until further notice.

According to Clare Akamanzi, chief executive of Rwanda Development Board, the plans have been shelved as the government continues to monitor the situation.

“The plan was to list them in April. We, however, are watching and weighing our options to make further decisions of when it will be necessary,” Ms Akamanzi said.

Small and big businesses are already being strained by the Covid-19 pandemic, an impact analysts say will continue even post Covid19.

BSC is a leading Internet service provider in the country and the EAC region, having achieved a 3000 km of fiber optic connectivity in 30 districts and 11 border points around Rwanda.

During the Covid19 lockdown, most of the government and agencies as well as other services, relied heavily on the Internet, with BSC being one of the providers that played a key role in ensuring reliable connectivity.

As Rwanda and the region continues to go digital, data will continue to be a valuable resource, not as any other service but a utility, which makes a strong case for investors.

Most of government services in Rwanda are now offered digitally on an online portal, Irembo, which has already served up to 8 million people since 2015.

Plans to sell government shares in Cimerwa PPC started last year after President Paul Kagame expressed frustration about the company’s persistent poor performance, wondering why government still maintains shares in such a company. The company, however, turned around its fortunes last year, recording a 55.5 per cent gross profit.

The timing couldn’t have been better for the government to sell its shares when the cement maker has just registered a 20 per cent increase in sales volumes.