Tag: MTN Rwanda
MTN Rwandacell PLC (MTN Rwanda) has today made history in Rwanda by being the first mobile network operator to list its shares on the Rwanda Stock Exchange (RSE).
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.
MTN Rwanda CEO Mitwa Ng’ambi said the listing was good news for MTN and Rwanda: “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.”
She said MTN was proud of its journey in Rwanda in the past 23 years: “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.”
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.”
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.
MTN Rwandacell Plc (MTN Rwanda) is pleased to announce that it will list on the Rwanda Stock Exchange (RSE) on 4 May 2021.
This announcement follows the approval by the Capital Market Authority (CMA) and the Rwanda Stock Exchange (RSE) of MTN Rwanda’s listing by introduction on the RSE and the approval of Crystal Telecom’s (CTL) shareholders to distribute the 20% of MTN Rwanda’s shareholding held by CTL to CTL shareholders effective from the listing date.
The listing of MTN Rwanda will see 1,350,886,600 ordinary shares with a nominal value of Rwf 1 each being registered with the RSE 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.
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.”
CMA Executive Director Eric Bundugu noted: “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.”
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.”
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.” He added that the listing was particularly significant given the increasing importance of broadband access in driving economic and industrial development across Africa.
More information about the listing and investor relations can be found at www.mtn.co.rw/investors. To learn more about MTN Rwanda and its various initiatives, visit www.mtn.co.rw.