MTN Rwanda, has announced it will list on the Rwanda Stock Exchange (RSE) on 4 May, following approval by the Capital Market Authority (CMA), RSE and Crystal Telecom (CTL), which holds a 20% stake.
According to a statement, the listing of MTN Rwanda will see over 1,35 billion ordinary shares with a nominal value of Rwf 1 each being registered with the Rwanda Stock Exchange 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.
Speaking on the listing, Mitwa Ng’ambi, CEO of MTN Rwanda said, “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 shareholder.”
Also commenting, 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, as it enablesRwandans the opportunity to participate in the company’s success. He added that the listing was particularly significant given the increasing importance of broadband access in driving economic and industrial development across Africa.