MTN Rwanda has become the latest company to be listed on the Rwanda Stock Exchange (RSE) this tear, a move its parent company MTN Group said was part of its initiative to continuously promote local ownership and participation in MTN businesses across its markets.
The experts said the listing of MTN a way to provide an opportunity for Rwandans to invest directly in the country’s leading network operator.
Ahead of the listing 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 Rwanda cell Limited to MTN Rwanda cell PLC.
The listing means that 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 in a statement that the telecommunication giant is the first in Rwanda to be listed on the stock exchange.
“We are honored 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.
“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,” he said
MTN Group President and CEO Ralph Mupita describe the listing as a way of attesting 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,” he said.
MTN is dominating Sadc telecommunication with its products and services over the years hence become a telecommunication giant in Sadc and beyond .