Finance minister Claver Gatete announces Crystal Telecom shares at Hotel Serena. (Timothy Kisambira)
According to the company prospectus, Crystal Telecom is offering over 270.17 million shares it has in the telecom firm, MTN Rwanda to the public with their share sale starting today and ending on the 5th of next month.
The company will be listed at the Rwanda Stock Exchange mid-July.
Speaking during the Initial Public Offering (IPO) launch that was held at Kigali Serena Hotel, Jack Kayonga, the chairman of Crystal Ventures, the parent company of Crystal Telecom said the offer price gives everyone an opportunity to be part of MTN Rwanda, a profitable business.
Minister Gatete said that the development was a step in the right direction, saying that it puts private sector in the driving seat of the country’s economy.
“It is the private sector that will drive our economy and not the government but for the private sector to be able to do that, they need to get financing,” said the Minister, adding that the stock market provided an alternative funding mechanism for investments, besides banking institutions.
The minimum number of shares per application is 1,000 shares with retail investors allocated over 67.5 million of the shares and institutional investors the rest.
Crystal Ventures has been a shareholder in MTN Rwandancell Limited since 1998, when acting jointly with the MTN Group Limited; it won the first license to establish a GSM mobile network in Rwanda.
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