Ralph Mupita

MTN Group has formally listed the shares of subsidiary MTN Rwandacell on the Rwanda Stock Exchange (RSE), becoming the first mobile telecommunications operator to do so.

The 4 May “listing by introduction” saw Crystal Telecom shareholders holding a 20% direct stake in MTN Rwanda. These shares were previously held by Crystal Telecom.

MTN Group CEO Ralph Mupita said in a statement that the listing demonstrated MTN’s “commitment to Rwanda”, where it has had a presence since 1998.

“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,” Mupita said.

Ahead of its listing by introduction on the RSE, MTN Rwanda changed its status from a private company to a public liability company. The full company name has therefore been changed from MTN Rwandacell Limited to MTN Rwandacell PLC, it said.  — © 2021 NewsCentral Media