Rwanda’s biggest telco, MTN is planning to conduct a direct listing on the Rwandan Stock Exchange (RSE). The telco also plans to buy stakes in Korea Telecom Rwanda Network (KTRN).
Should the listing go as planned, the public will have access to own over 20% of MTN Rwanda which is currently under Crystal Telcom Limited. Sources have revealed that the MTN Group which owns 80% of MTN Rwanda, has allegedly commenced engagements with the Rwandan local authorities to ensure a smooth listing.
According to the New Times Publication, MTN Rwanda’s management and shareholders are confident that the listing is sure to gain approval from capital market regulators. It has also been alleged that the listing will grant MTN Rwanda more independence than it already has from its parent company, MTN Group.
See also: Egypts Fawry to list on Egyptian Stock Exchange at EGP 6.46 per Share
The telco is also looking to acquire stakes or full ownership of KTRN in a bid to support the growth of its revenue, and gain direct access to 4G LTE. The company is said to be in talks with the KTRN at a group level.
MTN Rwanda’s revenue for year 2018 grew at 21.6%, amounting to Rwf102.8 billion. Also, the company’s earnings stood at Rwf30.1 billion before interest, tax, depreciation and amortization in 2018. The company also recorded a net profit of Rwf7.7 billion in 2018.
For 2019, the firm is optimistic on improved performance following a positive half year performance.
The New Times Publication also revealed that the telco’s first half year 2019 comparison to first half of 2018, revenue growth was at 27.3% YoY (year on year).
More on TechGist Africa:
- Econet Shuts-down Kwesé TV, Kwesé Sports and Kwesé Play
- Spotify Second Quarter Report Reveals 29% Monthly Active Users YoY Growth
- BRCK & Swvl Partners to roll-out Free Wi-Fi for Kenyan ride-hail buses
- Gartner Inc. Report reveals Global Smartphone Sales Will Decline in 2019
- On-demand Ride-Hailing Startup Gozem to Launch Digital wallet and Delivery Services
Comments 3