On Tuesday 4th of May, MTN Rwandacell debuted on the Rwandan Stock Exchange (RSE), making history as the first mobile operator to do so. A total of 1,350,886,600 ordinary shares were registered with the RSE at an initial listing price of Rwf269 ($0.27) per ordinary share. With this development, 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.
Commenting on the announcement, Mitwa Ng’ambi, CEO of MTN Rwanda, says, “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.”
“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 added.