South Africa’s MTN Group is considering a direct listing of shares in its subsidiary MTN Rwanda on the Rwanda Stock Exchange. MTN Group currently controls 80% of its Rwandan unit, with the remainder distributed following an initial public offering (IPO) in 2015. The group is looking to raise funds to continue the expansion of its networks. Rumours of a share sale first surfaced last year.
In a separate development, New Times reports that MTN Rwanda would like to acquire a stake in KT Rwanda Networks (KTRN), the Korean-backed firm which was set up in 2013 to deploy and manage a nationwide 4G LTE network which is accessed by third-party providers, including MTN. The report says that MTN is keen to gain greater control over its 4G operations. KTRN is currently 51% owned by KT Corp of South Korea, with the Rwandan government holding the remaining 49%.