MTN toasts Rwanda listing milestone
MTN Rwanda has announced it is the first mobile network operator to list its shares on the Rwanda Stock Exchange (RSE).
In early April the company announced approval by the Capital Market Authority (CMA) and the Rwanda Stock Exchange (RSE) of its listing by introduction on the RSE and the approval of Crystal Telecom’s (CTL) shareholders to distribute the 20% of MTN Rwanda’s shareholding held by CTL to CTL shareholders effective from the listing date.
The listing of MTN Rwanda will see 1 350 886 600 ordinary shares with a nominal value of Rwf 1 each being registered with the RSE at an initial listing price of Rwf269 per ordinary share.
CTL shareholders will become direct shareholders in MTN Rwanda and be able to trade their MTN Rwanda shares on the RSE.
According to a company statement released to the media, as part of the 4 May listing by introduction, Crystal Telecom Limited’s shareholders now hold a direct 20% stake in MTN Rwanda and can trade their MTN Rwanda shares directly on the RSE. These shares were previously held by Crystal Telecom PLC.
MTN Rwanda CEO Mitwa Ng’ambi said the listing was good news for MTN and Rwanda: “We are honoured to be the first telecommunications network provider in Rwanda to be listed on the RSE. We are committed to further establishing our presence, expanding our connectivity, driving digital inclusion and contributing to the sector and economy.”
Ng’ambi said MTN was proud of its journey in Rwanda in the past 23 years: “We are grateful to our customers, partners and stakeholders and look forward to this new chapter. Listing on the RSE is a major milestone for us and the platform for even better and bolder things to come.”
MTN Group President and CEO Ralph Mupita said the listing demonstrated MTN’s commitment to Rwanda: “This listing will assist in deepening the Rwandan capital markets by broadening public ownership over time and will also establish the basis for a new and emerging telecoms and technology asset class on the exchange.”
This listing by introduction provides an opportunity for Rwandans to invest directly in the company, according to MTN Rwanda.
Pierre Celestin Rwabukumba, CEO of the Rwanda Stock Exchange, added: "MTN Rwanda joining the Rwanda Stock Exchange as we celebrate ten years of operations as an Exchange is another big milestone for our market. We hope that the powerful brand recognition brought by MTN Rwanda on the market will attract more private sector companies both locally and internationally to join the market and enjoy the benefits of listed companies.”
Ahead of its listing by introduction on the RSE, MTN Rwanda changed its status from a private company to a Public Liability Company (PLC) effective December 2020.
The full company name has therefore been changed from MTN Rwandacell Limited to MTN Rwandacell PLC.