‘Milestone’ listing for Rwandacell
MTN Rwandacell Plc announced the news that the company will be entering that country’s bourse as of the 4t of May 2021. The listing has been hailed as a “milestone” by the MTN Group President and CEO Ralph Mupita.
This 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.
With the listing of MTN Rwanda, it 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.
Mitwa Ng’ambi, CEO of MTN Rwanda, said they were excited by the news. “We are also excited to welcome former CTL shareholders as MTN Rwanda shareholders.” CMA Executive Director Eric Bundugu welcomed the development and explained that they duly welcome the news. “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: this will allow their shareholders to retain their economic interest in MTN Rwanda while gaining from the efficiency and visibility that comes with direct ownership.
The CEO of the RSE Celestin Rwabukumba, added that said it was a great idea and welcome development that MTN Rwanda joined the RSE list of companies. “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.”
The MTN Group President and CEO Ralph Mupita called the listing a milestone saying “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.