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Investor FAQs – MTN Rwanda

Personal Services


  • The Company listed its entire outstanding ordinary shares on the Rwanda Stock Exchange (“RSE”) on 4th May 2021
  • The key objectives of the listing were to create access for the Rwandan public to participate in ownership of MTN Rwandacell PLC, to provide liquidity for existing shareholders and to create a stable and supportive long-term shareholder base to ensure a healthy and liquid aftermarket performance. We believe a Listing by Introduction (“LBI”) provided a suitable platform to achieve these objectives.
  • MTN Rwandacell PLC has an optimum and efficient capital structure and sufficient access to the debt market. It does not need primary equity capital to fund the business.
  • We are therefore of the view that the LBI was the suitable platform to achieve its listing objectives, including liquidity for its minority shareholders while building Rwanda’s capital markets.
  • A listing by introduction means that the existing shares of MTN Group (80%) and Crystal Telecom (20%), held directly by Crystal Telecom’s shareholders at the listing MTN Rwandacell PLC, were listed on RSE without an additional public sale of shares. From this point, all MTN Rwandacell PLC shareholders are free to trade their shares on the RSE secondary market.

Key requirements for admission to the RSE include:

  • A minimum of 1000 shareholders, which is expected to be achieved by the direct holdings of Crystal Telecoms shareholders; and
  • A 25% free float of its issued capital. MTN Rwandacell PLC applied and received from the Capital Market Authority (“CMA”) and the RSE, a waiver of this requirement on the basis of the 20% free float from Crystal Telecoms’ shareholders.
  • Crystal Telecom dissolved its business and thereafter distributed its surplus assets in specie to its shareholders. Its surplus assets comprised mainly of its shareholding in MTN Rwandacell PLC
  • No, the existing ordinary shares of FRW10,000 were subdivided to a nominal value of FRW1 per share and a further 1,350,885,100 new shares were issued so that MTN Rwandacell PLC currently has 1,350,886,600 ordinary shares listed on RSE.
  • MTN Rwandacell PLC became a public company on 18th December 2020.
  • No, the Company did not raise new capital during the Listing by Introduction.
  • The Current share price can be verified on
  • Yes, Staff who are interested in buying MTN Rwandacell PLC’s shares can do so by contacting their stockbrokers to help purchase MTN Rwandacell PLC shares on the RSE.
  • MTN Rwandacell PLC adhered to the RSE Rule Book 2013 and The Capital Market Corporate Governance Code N° 09, 2012.
  • MTN Rwandacell PLC will have to adhere to the RSE Rule Book 2013 and The Capital Market Corporate Governance Code N° 09, 2012
  • MTN Rwandacell PLC will target a minimum dividend pay-out ratio of 50% of its distributable net income in the medium term in 2022.
  • A dividend of RWF 10.2 billion (approx. RWF 7/share) was approved at the Annual General Meeting of Shareholders on June 30th 2021 and this was distributed amongst all shareholders who were listed on the share register as of June 7th 2021.