Crystal Telecom is paying dividends of Rwf2.2 billion to its shareholders.
This was announced, yesterday, during the company’s first annual general meeting in Kigali since it was listed on the Rwanda Stock Exchange in July last year.
This is the second dividend that the shareholders of Crystal Telecom have received since the company offered 20 per cent stake in MTN-Rwanda in June 2015.
The first dividend of Rwf1 billion was paid in October last year. Together, these dividends represent a payout of Rwf11.95 per cent of Crystal Telecom share.
During the meeting, the first annual report of the company since incorporation in 2013 to December 2015 was presented.
According to the report, the company made a share of profit of Rwf1,186,291 in MTN-Rwanda.
The report, according to auditors, gives a true and fair view of the state of the company’s financial affairs as of December 2015.
The balance sheet (total assets) of the company is Rwf28,815,552.
It is expected that further dividends will be received over the course of 2016.
The next dividend will be paid not later than May 9. It will be allocated to shareholders who appeared on the register on April 19.
Jack Kayonga, the outgoing chairperson of Crystal Telecom, commended the performance of Crystal Telecom during his tenure.
“I am pleased to say that the performance of the underlying MTN-Rwanda investment has been strong and I congratulate our partners at MTN-Rwanda on that. During the 12 months of 2015, MTN-Rwanda grew its net income from Rwf6.1 billion to Rwf8.9 billion, representing an increase of 46 per cent. In addition, MTN-Rwanda passed the four million subscribers mark for the first time, maintaining its market leading position in our telecommunication sector,” he said.
“I feel honoured to have been part of this exciting journey, I am happy to step down with Crystal Telecom being a true public shareholder company”, he added.
James Gatera, former chief executive of Bank of Kigali, was elected as new chairman. He is the current chief executive of Crystal Ventures Ltd. Other directors elected are John Bosco Sebabi, Cherno Gaye, Vincent Gatete, and David Dalhuisen.