Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

MTN to list on Rwanda Stock Exchange

Article Image

MTN Rwandacell Plc (MTN Rwanda) will next month list on the Rwanda Stock Exchange (RSE) after obtaining approvals from authorities and a minority shareholder.

MTN Rwanda, which is majority-owned by pan-African operator MTN Group, said this week that it will list locally on May 4, 2021, after approval by the Capital Market Authority (CMA) RSE. It will be a listing by introduction rather than an IPO.

The telco also received approval from Crystal Telecom's (CTL) shareholders to distribute the 20% of MTN Rwanda's shareholding.

CTL shareholders will thereafter become direct shareholders in MTN Rwanda and can trade their shares on the stock exchange.

MTN Rwanda said it would list 1.35 million ordinary shares with a nominal value of one Rwandan franc each at an initial listing price of Rwf269 ($0.27) per ordinary share.

This values the operator at almost $365 million.

"We look forward to participating in the capital markets of Rwanda and see this as an exciting opportunity for the investor community at large to participate directly in the ownership of MTN Rwanda. We are also excited to welcome former CTL shareholders as MTN Rwanda shareholders," said MTN Rwanda CEO Mitwa Ng'ambi.

At the end of December 2020, MTN had 6 million subscribers in Rwanda.

According to statistics from market research company Omdia, MTN controls about 59% market share in Rwanda.

MTN announced its intention to list MTN Rwanda back in December 2020 to increase local ownership.

The operator already has local listings in Nigeria and Ghana and its primary listing is on the Johannesburg Stock Exchange in South Africa.

"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," said CMA Executive Director Eric Bundugu.

MTN Group CEO Ralph Mupita called the listing "a milestone" and said it was particularly significant given the increasing importance of broadband access in driving economic and industrial development across Africa.

"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," said Mupita.

Related posts:

*Top image is of MTN Rwanda CEO Mitwa Ng'ambi (Source: MTN Rwanda).

— Paula Gilbert, Editor, Connecting Africa

Innovation hub

Story

Hot startup of the month: Pan-African fintech KamaPay

This month's hot startup is pan-African fintech KamaPay, which helps individuals and businesses make cross-border payments on the continent.

Story

Afretec awards $3.3M in grants to African research teams

The African Engineering and Technology Network (Afretec) has awarded grants worth $300,000 each to 11 university research teams across Africa to advance digital technologies.

More Innovation hub

Latest video

More videos

Sponsored video

More videos

Industry announcements

More Industry announcements

Flash poll

All polls

Africa Tech Perspectives

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

Story

Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

Story

Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Upcoming events

London Tech Week
June 13-16, 2023
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
Cybertech Africa 2023
August 1-2, 2023
Kigali Convention Center, Kigali, Rwanda
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Guest Perspectives

Story

Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up