MTN Rwandacell Plc (MTN Rwanda) is hass announced that it will list on the Rwanda Stock Exchange (RSE) on May 4, 2021.
The announcement follows the approval by the Capital Market Authority (CMA) and the Rwanda Stock Exchange (RSE) of MTN Rwanda’s listing by introduction on the RSE and the approval of Crystal Telecom’s (CTL) shareholders to distribute 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.
MTN Rwanda CEO, Mitwa Ng’ambi said that the listing of MTN Rwanda’s shares on the RSE is as an exciting opportunity for the investor community at large to participate directly in the ownership of MTN Rwanda.
“We are also excited to welcome former CTL shareholders as MTN Rwanda shareholders,” she said.
Iza Irame, CTL’s CEO, said that the transaction will allow shareholders to retain their economic interest in MTN Rwanda while gaining from the efficiency and visibility that comes with direct ownership.
MTN Rwanda joining the RSE list of companies is expected to increase the market’s capitalization.
“The company being of a good size adds on the number of leading brands to our Exchange and offers more visibility into the company’s operations to shareholders and the general investing public, which in turn should trigger more interest from potential new investors going forward,” said Celestin Rwabukumba, CEO of the RSE.
MTN Group President and CEO Ralph Mupita called the listing a milestone: “Enabling Rwandans the opportunity to participate in the company’s success is part of our work to promote local ownership and participation in MTN businesses across our markets, and to create shared value.” He added that the listing was particularly significant given the increasing importance of broadband access in driving economic and industrial development across Africa.
More information about the listing and investor relations can be found at www.mtn.co.rw/investors.