MTN boosts stake in Rwandan unit to 80%

7 Oct 2011

South Africa’s MTN Group has acquired an additional 25% stake in MTN Rwanda, raising its total holding in its Rwanda unit from 55% to 80%. Independent Online reports that private investment company Crystal Ventures and the Government of Rwanda collectively sold the 25% stake in the cellco for an undisclosed amount. Crystal Ventures has retained a 20% interest in MTN Rwanda and will remain an active minority shareholder in the company, while the government has divested its entire 10% stake. ‘We have held our investment in MTN Rwanda since its inception 13 years ago and together created the foremost telecommunications company in Rwanda with more than 2.7 million subscribers,’ Nshuti Manasseh, chairman of Crystal Ventures, said in a statement, adding: ‘Following our partial divestment in 2007, this further partial divestment provides another opportunity for Crystal Ventures to redeploy capital in other sectors of the Rwandan economy. As we remain a significant shareholder in MTN Rwanda, we look forward to working with MTN Group to ensure the continued growth of the company.’ Meanwhile, MTN’s group president and CEO Sifiso Dabengwa added: ‘Our increased investment in MTN Rwanda demonstrates our strong commitment to Rwanda and the broader East African region. We look forward to many more years of operating in Rwanda in partnership with Crystal Ventures.’

Rwanda, MTN Rwanda