MTN Rwanda has listed on the Rwanda Stock Exchange (RSE), a move its parent company MTN Group said was part of its initiative to continuously promote local ownership and participation in MTN businesses across its markets.
The company said the listing by introduction would also provide an opportunity for Rwandans to invest directly in the country’s leading network operator.
The listing means that 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 in a statement “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.”
“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.” Ng’ambi added.
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,” Mupita pointed out.
Ahead of the listing 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.