MTN Rwandacell to list by introduction on Rwanda Stock Exchange

RWANDA – MTN Group will list its Rwandan subsidiary on the Rwanda Stock Exchange (RSE) on 4 May, the Johannesburg Stock Exchange (JSE)-listed telecommunication giant has announced.

The move follows approval by the Rwanda’s Capital Market Authority and the Rwanda Stock Exchange (RSE) of MTN Rwanda’s listing by introduction on the stock exchange as well as the approval of Crystal Telecom shareholders to distribute the 20% of MTN Rwanda’s shareholding held by Crystal to its shareholders effective from the listing date.

The listing of MTN Rwanda will see 1.35 billion ordinary shares with a nominal value of Rwf1 (US$0.001) each being registered with the RSE at an initial listing price of Rwf269 (US$0.27) per share.

Crystal Telecom shareholders will become direct shareholders in MTN Rwanda and be able to trade their MTN Rwanda shares on the RSE.

MTN Rwanda is the market leader in mobile telecoms in the East African nation.

Commenting on the announcement, Mitwa Ng’ambi, CEO of MTN Rwanda, said: “The official listing of MTN Rwanda’s shares on the RSE will take place on 4 May 2021. We look forward to participating in the capital markets of Rwanda and see this 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.

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”

Ralph Mupita – CEO, MTN Group

We welcome MTN Rwanda’s listing by introduction on the RSE as a demonstration of an international company local investors can continue to participate in as well as being an attraction to foreign investors into the Rwandan capital market. The listing will also continue to provide liquidity for existing and future shareholders,” CMA Executive Director Eric Bundugu noted.

Iza Irame, CTL’s CEO, said: “We are happy to see this important transaction materialize. It will allow our shareholders to retain their economic interest in MTN Rwanda while gaining from the efficiency and visibility that comes with direct ownership.”

On her part, Celestin Rwabukumba, CEO of the RSE, said: “MTN Rwanda joining the RSE list of companies is a great and welcome development for our market as it increases our market 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.

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,” said Mupita.

The CEO added that the listing was particularly significant given the increasing importance of broadband access in driving economic and industrial development across Africa.

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