MTN Rwandacell Plc (MTN Rwanda) has announced that on May 4, 2021, it will begin trading on the Rwanda Stock Exchange (RSE).
This announcement follows the approval of MTN Rwanda’s listing by introduction on the Rwanda Stock Exchange (RSE) by the Capital Market Authority (CMA) and the Rwanda Stock Exchange (RSE), as well as the approval of Crystal Telecom’s (CTL) shareholders to distribute the 20% of MTN Rwanda’s shareholding owned by CTL to CTL shareholders, effective from the listing date.
MTN Rwanda will be listed on the RSE with 1,350,886,600 ordinary shares with a nominal value of Rwf 1 each and an initial listing price of Rwf269 per ordinary share.
Mitwa Ng’ambi, MTN Rwanda’s CEO, said of the announcement, “The official listing of MTN Rwanda’s shares on the RSE will take place on 4 May 2021.” We are looking forward to investing in Rwanda’s capital markets and see this as an interesting opportunity for the investment community to own MTN Rwanda directly. We’re still looking forward to welcoming former CTL shareholders as MTN Rwanda investors.”
“We welcome MTN Rwanda’s listing by introduction on the RSE as a demonstration of an international company local investors will continue to participate in and draw foreign investors into the Rwandan capital market,” said CMA Executive Director Eric Bundugu.
“We are pleased to see this critical transaction materialize,” CTL CEO Iza Irame said. Our shareholders will be able to keep their economic stake in MTN Rwanda while benefiting from the efficiency and exposure that comes with direct ownership.”
“MTN Rwanda entering the RSE list of companies is a great and welcome development for our sector as it increases our market capitalization,” said Celestin Rwabukumba, CEO of the RSE. The company’s size increases the number of leading brands on our Exchange and provides shareholders and the general buying public with more insight into the company’s activities, which can pique the interest of potential new investors.”
“Enabling Rwandans the ability to engage in the company’s success is part of our work to encourage local ownership and investment in MTN companies across our markets, and to build shared value,” said MTN Group President and CEO Ralph Mupita. He went on to say that the listing was particularly relevant because broadband connectivity is becoming increasingly important in driving economic and industrial growth across Africa.