MTN Rwanda says it will list on the Rwanda Stock Exchange in early 2021, New Times reported. The company reported a profit of RWF 6.8 billion after tax in 2019 and revenues of RWF 125 billion. The profit in 2018 went to RWF 7.7 billion.
MTN Rwanda has two main shareholders, MTN Group and Crystal Telecom, which holds 20 percent shares in the firm. The development will see the 20 percent stake held by Crystal Telecom held directly by the public. MTN group will hold the other 80 percent shares.
MTN Group President and Chief Executive Officer Ralph Mupita said that the development is a step towards increasing local participation in the company, and building the capital markets in Rwanda.
The listing is subject to applicable regulatory and governance approvals as well as conducive market conditions.
