Excitement in market as MTN Rwanda moves to list shares

Saturday April 17 2021

In about a month, Rwandans could own shares in MTN Rwanda, as the country’s biggest telco looks to list its shares on the Rwanda stock market.

This follows the recent delisting of Crystal Telecom (CTL) from the market, development that sent shockwaves throughout the market, but also paved the way for MTN’s move to list directly.

Crystal, owned by Crystal Ventures, owned 20 percent equity stake in MTN, which it listed on Rwanda Securities Exchange (RSE), following a share transfer in 2015, but this changed after the company recently dissolved its shares.

In an interview with Celestin Rwabukumba, the CEO of RSE, the listing of MTN shares to the public is likely to be to take place by end of next month.

“The listing will happen soon, CMA has already approved, we are also working on the necessary procedures, it won’t go beyond May,” he said.

In the impending listing, 100 per cent of MTN will be listed on the market but only 20 per cent previously owned by CTL, will be floated to the public, a development which will finally open the door for the Rwandan public to own shares in the country’s biggest telecom company.


“Those who owned shares in CTL will now be shareholders in MTN, MTN will now list as an entire company and the public will directly own shares in the telecom player, it is a big opportunity for the public and the market” said Mr Rwabukumba.

He said the development will bring forth full disclosure on the side of MTN towards the public, and that the company will now be more answerable to the public once it has liste.

He said it is still a bit early to disclose that, that “valuation is now based on MTN itself”, adding that however the listing turns out, it will be a big win for the public and the market.

“MTN is a big company there is an obvious value their listing on our market will come with, the 80 percent it self will increase our market capitalization in a big way. The developments have already brought a lot of excitement in the market. Olivier Muneza, a stockbroker and chief executive of MO capital, said “To the market this means something big, to see a big company like MTN listing directly, giving an opportunity for the public to invest directly in MTN is a big win, MTN Rwanda will also have international exposure through international investors” he said. He said in terms of value, the turnover will increase with MTN’s listing, and also commissions will improve.