MTN Rwandacell to Be Listed on Local Stock Exchange

Mergers, Acquisitions and Financial Results

A 20 percent stake in MTN Rwandacell is to be listed on the local stock exchange, its private owner has announced.

Crystal Ventures has been a shareholder in MTN Rwandacell since 1998 when, acting jointly with the MTN Group, it won the first license to establish a GSM mobile network in Rwanda.

MTN Rwanda now has over 3.5 million subscribers and its network coverage extends to over 98% of the population, according to a statement on its website.

Jack Kayonga, Executive Chairman of Crystal Ventures Ltd said "We are offering all Rwandans and institutional investors an opportunity to be co-owners of Crystal Telecom and therefore have indirect exposure to MTN Rwandacell Limited, the largest telecom operator in Rwanda".

The Crystal Telecom IPO is typical of Crystal Venture's investment strategy of monetising mature holdings with the intention of redeploying capital in support of early-stage enterprises that can make a significant contribution to the Rwandan economy.

Jack Kayonga further added, "Through Crystal Telecom, we are supporting the efforts of the Government of Rwanda to promote broader share ownership in Rwanda and further develop the Rwandan capital markets".

Crystal Ventures has made a formal application to the Capital Markets Authority for the IPO of Crystal Telecom and expects to launch the IPO in this financial quarter.