MTN lists on Rwanda Stock Exchange, changes name

MTN Group President and CEO, Ralph Mupita

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

The May 4 “listing by introduction” saw Crystal Telecom shareholders holding a 20% direct stake in MTN Rwanda. These shares were previously held by Crystal Telecom as an entity, a statement from MTN Group said.

It quoted MTN Group CEO Ralph Mupita as saying 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.

Mitwa Kaemba Ng’ambi – MTN Rwanda CEO

MTN Rwanda CEO, Mitwa Kaemba Ng’ambi (formerly AirtelTigo Managing Director), said the listing was good news for MTN and Rwanda.

“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.

She noted that MTN was proud of its journey in Rwanda in the past 23 years, saying “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.”

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.

CEO of the Rwanda Stock Exchange, Pierre Celestin Rwabukumba was also quoted as saying “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.”

Meanwhile, ahead of its 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.


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