MTN Supports Moves for Stock Market Listing of Rwanda Subsidiary

Mergers, Acquisitions and Financial Results

South Africa's MTN has said that it will support plans by the Rwandan government to float its 10 percent stake in MTN Rwanda onto the local stock market, ending speculation that MTN might try to buy the stake instead.

The government previously said that it wanted to sell the stake, and that it is also seeking to boost its newly opened stock exchange by floating state-owned companies on it.

"We have not made a final decision on how to structure our shares. But we would wish the public to own what they have done in Rwanda," Shauket Fakie, MTN Group Executive in charge of business risk management told Business Times last week.

The government would have needed approval from MTN, as the (55%) majority shareholder, to float its stake on the stock market.

The country currently has three mobile networks, and the Mobile World analysts estimate their market shares at: MTN (53%); Rwandatel (33%) and Tigo (14%)