Telecommunications group MTN Rwandacell has become the first mobile network operator to list its shares on the Rwanda Stock Exchange (RSE).
Crystal Telecoms’ shareholders now hold a direct 20% stake in MTN Rwanda and can trade their MTN Rwanda shares directly on the RSE as part of the May 4 listing by introduction.
“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,” said MTN Rwanda CEO Mitwa Ng’ambi, noting that the listing was a major milestone.
It also demonstrated MTN’s commitment to Rwanda, said MTN Group president and CEO Ralph Mupita.
“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.”
The listing by introduction forms part of MTN’s efforts to promote local ownership and participation in MTN businesses across its markets and provides an opportunity for Rwandans to invest directly in the network operator.
“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,” said RSE CEO Pierre Celestin Rwabukumba.
In December 2020, ahead of its listing by introduction on the RSE, MTN Rwanda changed its status from a private company to a public liability company.