MTN Rwandacell Limited (MTN Rwanda) has announced that it will list its shares by way of introduction on the Rwanda Stock Exchange (RSE) early 2021.
MTN Rwanda has two main shareholders, MTN Group Limited and Crystal Telecom Limited (Crystal).
As part of the introductory listing, 20% of MTN Rwanda shares that are currently held by Crystal Telecom are expected to be held directly by the public.
Crystal Telecom issued a public announcement to its shareholders on Monday regarding the proposed transaction.
Crystal Telecom, a wholly owned subsidiary of Crystal Ventures, owns a 20% share of MTN Rwanda as its only investment.
“It gives me great pleasure to announce our intention to list MTN Rwanda’s shares on the RSE in early 2021. The listing reaffirms our commitment to Rwanda”, said MTN Rwanda CEO Mitwa Ng’ambi.
“This is a transformative event in the MTN story, and one that we are certain we could not have reached without the support of our stakeholders, partners and customers”, she said.
The listing is expected to broaden public ownership over time, supporting sustainable growth for national development.
“This is an important first step towards increasing local participation in the company, and building the capital markets in Rwanda,” said MTN Group President and Chief Executive Officer Ralph Mupita.
The listing is subject to applicable regulatory and governance approvals as well as conducive market conditions.
This press release does not constitute a formal listing announcement of MTN Rwanda.
MTN Rwanda will make further announcements at appropriate intervals on progress in this regard.
MTN Rwanda started operating in 1998.
As of November 2020, it had 6.5 million subscribers, of which 3.2 million were active Mobile Money users in the previous 30 days and 1.6 million were active data users.