MTN becomes first mobile network firm to list on Rwanda Stock Exchange

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MTN started operating in Rwanda in 1998. (Photo by Gallo Images/Papi Morake)
MTN started operating in Rwanda in 1998. (Photo by Gallo Images/Papi Morake)

MTN Rwandacell on Tuesday made its debut on the Rwanda Stock Exchange (RSE), making the company the first mobile network operator to list on bourse of the east African nation.

MTN Group CEO Ralph Mupita said the listing demonstrated MTN's commitment to Rwanda and was aimed at promoting local ownership and participation in the company's businesses across its markets.

Crystal Telecom Limited's shareholders now holds a direct 20% stake in MTN Rwanda and the shares were previously held by Crystal Telecom PLC. 

"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," said Mupita.

The company - which is Africa's largest mobile network operator and has a presence in 21 markets - plans to shift its focus to the African continent, and has announced that it will be exiting the Middle Eastern region where it has encountered challenging operational conditions in some countries.

MTN Rwanda CEO Mitwa Ng'ambi described the listing on the RSE as good news for the company and the country, adding that the operator was committed to expanding its connectivity, "driving digital inclusion and contributing to the sector and economy".

MTN started operating in Rwanda in 1998.

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