Crystal Telecom shares to debut on stock market

MTN Rwanda shareholder, Crystal Telecom, is set to launch its much-awaited Initial Public Offering (IPO) this morning at the Kigali Serena Hotel.

MTN Rwanda shareholder, Crystal Telecom, is set to launch its much-awaited Initial Public Offering (IPO) this morning at the Kigali Serena Hotel.

The company will be selling off its 20 per cent stake in MTN Rwanda, the largest telecom operator in the country, to the public.

The move is part of the strategy by Crystal Ventures, the holding company, of monetising their mature holdings in firms with the intention of redeploying the capital in early-stage enterprises.

‘Great addition’

Speaking to The New Times, yesterday, Celestin Rwabukumba, chief executive of Rwanda Stock Exchange, said the listing of Crystal Telecom at the Rwanda Stock Exchange will be a great addition to the stock market given that it will increase the market capitalisation and liquidity.

The IPO comes after the Capital Market Authority approved Crystal Telecom’s application to float its MTN Rwanda shares on the stock exchange.

Once listed, Crystal Telecom will become the third domestic company with shares trading at the bourse, after Bank of Kigali and Bralirwa.

The last IPO at the stock exchange was in 2011 when Bank of Kigali listed its shares for trade at Rwf125 each.

Crystal Telecom shares starting price will be announced during the launch.

editorial@newtimes.co.rw

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