Crystal Ventures offloading 20% MTN Rwanda stake

17 Apr 2015

Rwandan investment firm Crystal Ventures is planning to launch an initial public offering (IPO) of its subsidiary Crystal Telecom, which holds a 20% stake in domestic telecoms operator MTN Rwanda. The shares will be offered on the Rwanda Stock Exchange (RSE), once the Capital Market Authority has granted its approval. Jack Kayonga, executive chairman of Crystal Ventures, 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, the largest telecom operator in Rwanda … Through this buyout offer we support the government’s efforts in promoting greater ownership of shares by Rwandans, and develop the local capital market.’ Crystal Ventures has hired Renaissance Capital to act as the Lead Transaction Advisor on the IPO process.

As previously reported by CommsUpdate, in November 2013 local media suggested that Crystal Ventures was reportedly considering offloading its 20% stake in MTN Rwanda. Sources familiar with the matter revealed that the investment company had already approached telecoms regulator the Rwanda Utilities Regulatory Agency (RURA) to seek approval for the listing.

Rwanda, MTN Rwanda