History has been made as MTN Rwanda has become the first mobile network operator in the country to list its shares on the Rwanda Stock Exchange (RSE).
In April MTN Rwanda released a statement saying it is set to list on the Rwanda Stock Exchange after gaining approval by the Capital Market Authority, RSE and Crystal Telecom (CTL).
As part of the May 4th listing by introduction, 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.
Commenting on the listing, MTN Rwanda CEO Mitwa Ng’ambi said the listing was good news for MTN and Rwanda stating, “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.”
Also speaking on the listing, 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.”
The company said, this listing by introduction is part of MTN Group’s work to continuously promote local ownership and participation in MTN businesses across its markets and provides an opportunity for Rwandans to invest directly in the country’s leading network operator.
“MTN Rwanda joining the Rwanda Stock Exchange as we celebrate 10 years of operations as an Exchange is another big milestone for our market. 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 Pierre Celestin Rwabukumba, CEO of the Rwanda Stock Exchange.
Ahead of its listing by introduction 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.