Rwanda: Crystal Telecom lists on local bourse today

Mergers, Acquisitions and Financial Results

Crystal Telecom will list on the Rwanda Stock Exchange today, a day earlier than the scheduled July 17 over uncertainties on whether tomorrow will be Eid-al-Fitr, a Muslim holiday marking end of Ramadhan.

“The provisional Crystal Telecom listing date as set out in the company prospectus was scheduled for Friday July 17. However, due to the uncertainty as to whether Eid al-Fitr will fall on that date, it was considered in the best interests of the new investors to bring forward the listing to today,” a statement from the firm said yesterday.

The firm’s shares are expected to start trading on the bourse at 9am today, making the entry of the first private sector firm listing in Rwanda.

Jack Kayonga, the Crystal Telecom chief, said the secondary market listing gives those who missed the Crystal Telecom Initial Public Offering (IPO) an opportunity to buy Crystal Telecom shares and, “therefore, indirectly own part of MTN Rwanda our largest and most successful telecom operator”.

The IPO that closed on June 5 was oversubscribed by 123 per cent, receiving over 2,300 orders from local and offshore investors.

Crystal Telecom, which holds 20 per cent of MTN Group telecom subsidiary, MTN Rwanda, was fully sold to the public last month when its parent firm, Crystal Ventures, offered its shares.
Source: New Times 16 July 2015