MTN Rwandacell PLC (MTN Rwanda) became the first mobile network operator in Rwanda to list its shares on the Rwanda Stock Exchange today (RSE).
Crystal Telecom Limited shareholders now own a direct 20% stake in MTN Rwanda and can exchange their MTN Rwanda shares directly on the RSE, thanks to the May 4th listing by introduction. Crystal Telecom PLC previously owned these shares.
“We are honored to be the first telecommunications network provider in Rwanda to be listed on the RSE,” MTN Rwanda CEO Mitwa Ng’ambi said.
We are dedicated to expanding our presence and connectivity, promoting digital inclusion, and contributing to the economy.”
She expressed MTN’s pride in its 23-year journey in Rwanda, saying, “We are grateful to our customers, partners, and stakeholders and look forward to this new chapter.” The RSE listing is a significant milestone for us and serves as a springboard for even bigger and bolder things to come.”
According to MTN Group President and CEO Ralph Mupita, the listing demonstrates MTN’s commitment to Rwanda: “This listing will assist in deepening Rwandan capital markets by broadening public ownership by establishing the basis for a new and emerging telecoms and tech asset on the exchange.”
This listing is part of MTN Group’s ongoing efforts to encourage local ownership and investment in MTN businesses across its markets, and it gives Rwandans the opportunity to invest directly in the country’s leading network operator.
“MTN Rwanda’s participation in the Rwanda Stock Exchange, which is celebrating its tenth year of operation, is yet another significant milestone for our industry. We hope that MTN Rwanda’s strong brand awareness on the market will encourage more private sector companies, both locally and internationally, to enter the market and benefit from the advantages of listed companies,” said Rwanda Stock Exchange CEO Pierre Celestin Rwabukumba.
MTN Rwanda changed its status from a private corporation to a Public Liability Company (PLC) in December 2020, ahead of its introduction on the RSE. As a result, the full name of the company has been changed to MTN Rwandacell PLC from MTN Rwandacell Limited.
Read more on Tech Gist Africa: