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 becomes first operator to list in Rwanda

Article Image
MTN has become the first mobile operator to list its shares on the Rwanda Stock Exchange (RSE).

The new public company, renamed MTN Rwandacell PLC, was listed on Tuesday and now Rwandans can for the first time invest directly in the country's biggest mobile operator.

MTN Rwanda CEO Mitwa Ng'ambi said the listing was a major milestone for the company and that she was proud of MTN's journey in Rwanda over the past 23 years.

"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.

Minority shareholder Crystal Telecom's shareholders now hold a direct 20% stake in MTN Rwanda and can trade their MTN Rwanda shares on the RSE.

MTN Rwanda CEO Mitwa Ng'ambi.
MTN Rwanda CEO Mitwa Ng'ambi.

MTN Group president and CEO Ralph Mupita said the listing demonstrated MTN's commitment to the East African country.

"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.

Last month Connecting Africa reported that the listing would take place on May 4, 2021, after MTN announced its plans to list back in December 2020 as a way to increase local ownership in Rwanda.

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

"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.

The Rwanda listing values the operator's local business at almost $365 million. The MTN Group's market cap on the JSE is worth about R168.5 billion ($11.6 billion), according to Bloomberg data.

Statistics from market research company Omdia show that MTN controls about 59% market share in Rwanda.

MTN has been operating in Rwanda since 1998 and at the end of December 2020, MTN had 6 million subscribers in the country.

Related posts:

*Top image source: Background vector created by tartila - www.freepik.com.

— 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