MTN makes history, lists its shares on the Rwanda Stock Exchange
Mobile telecommunication company, MTN has announced the listing of its shares on the Rwandan Stock Exchange (RSE). This is a landmark achievement for the company as it is the first mobile network operator to list its shares in the RSE.
The listing, which has been called a key milestone for the country’s financial sector, will see 100 percent of MTN Rwandacell listed on the market, but only the 20 percent previously owned by CTL will be floated to the public.
Mitwa Ng’ambi, CEO of MTN Rwanda in a statement described the listing as good news for MTN and Rwanda:
“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.”
MTN Group President, Ralph Mupita said, “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.”
What you should know
As part of activities leading to the listing, the MTN Group led by the CEO Ralph Mupita met with President Kagame of Rwanda and other government officials.
At the meeting with the president, Mupita explained that Rwanda holds a special place in the MTN Group history as the first market it expanded into from South Africa in 1998.
MTN Group CEO Ralph Mupita met with Rwanda President Kagame today in Kigali, ahead of the listing by introduction of @MTNRwanda. He shared with His Excellency Rwanda’s unique place within MTN Group and how we’re contributing to Rwanda Vision 2050. #GoodTogether https://t.co/DxB6nzMzJU
— MTN Group (@MTNGroup) May 3, 2021
Mupita, who was accompanied by MTN VP for SEA region, Yolanda Cubs, and CEO of MTN Rwanda, Mitwa Ng’ambi, also discussed the role that digital infrastructure and services can play in driving the Rwanda Vision 2050, and ensuring every Rwandan can enjoy the benefits of modern connected life.
This listing by introduction is part of MTN Group’s work to continuously promote local ownership and participation in MTN businesses across its markets and provides an opportunity for Rwandans to invest directly in the country’s leading network operator.
The listing of MTN Rwanda 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 ($269) per ordinary share.
Following this listing by introduction 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 Rwandacell Limited to MTN Rwandacell PLC.