GOVERNMENT HANDS OVER RWANDATEL TO TERRACOM

Mergers, Acquisitions and Financial Results

The Rwandan government on October 14th 2005, officially signed the transfer of her 99% Rwandatel shares to TERRACOM, an American based IT and communications provider that bought the former state-owned telecommunications giant for US$ 20 million in a privatization transaction June 16th, this year.During the official handover ceremony organized by the Privatization Secretariat, the government Portfolio Manager Mrs. Nina Uwabera Ntwali handed over the 99% shares certificate to TERRACOM's Managing Director, Garry Clark. The function took place at the boardroom of the Ministry of Economic Planning (ex-MINIPLAN Building).

The New Times