MTN Rwandacell PLC lists by introduction on Rwanda Stock Exchange

By IGIHE
On 4 May 2021 at 10:40

MTN Rwandacell PLC (MTN Rwanda) has today made history in Rwanda becoming the first mobile network operator to list its shares on 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 is 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.

The Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana who was the guest honor of the event that took place at Marriot Hotel Kigali , observed that the listing of MTN Rwanda PLC will contribute to the growth and deepening of Rwanda’s capital market, provide Crystal Telecom shareholders direct ownership of MTN Rwandacell and reiterated Rwanda’s commitment to continue providing conducive business environment.

“Rwanda has made good progress in improving investment environment and is well ranked on the continent and globally in easing business. The Government of Rwanda will continue to improve further business environment to support both local and foreign investment in line with its National Strategy for Transformation and its Vision 2050,” he said.

About MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator with a clear vision to lead the delivery of a bold new digital world to our customers. We are inspired by our belief that everyone deserves the benefits of a modern connected life. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code ‘MTN’. Our strategy, Ambition 2025, is anchored on building the largest and most valuable platform business, with a clear focus on Africa. www.mtn.com

About MTN Rwanda

MTN Rwandacell PLC (MTN Rwanda) is the market leader in mobile telecommunications in Rwanda. Since 1998, we have continuously invested in expanding and modernising our footprint and are the country’s No 1 network. MTN Rwanda offers various innovative services to consumers and enterprises, including personalised voice, data, home and fixed connectivity solutions. The company is also the front runner in Mobile Financial Services in Rwanda delivered through its FinTech subsidiary, Mobile Money Rwanda Ltd.

MTN Rwandacell PLC (MTN Rwanda) has today made history in Rwanda becoming the first mobile network operator to list its shares on the Rwanda Stock Exchange (RSE).

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