Crystal Ventures Ltd, one of Rwanda’s leading private sector companies, has announced its intention to have an initial public offering (IPO) on the Rwanda Stock Exchange of its wholly owned subsidiary, Crystal Telecom. Crystal Telecom owns a 20% interest in MTN Rwandacell Limited as its only investment.
Jack Kayonga, Executive Chairman of Crystal Ventures Ltd 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 Limited, the largest telecom operator in Rwanda”. Crystal Ventures has been a shareholder in MTN Rwandacell Limited since 1998 when, acting jointly with the MTN Group Limited, it won the first license to establish a GSM mobile network in Rwanda.
The Crystal Telecom IPO is typical of Crystal Venture’s investment strategy of ] monetising mature holdings with the intention of redeploying capital in support of early-stage enterprises that can make a significant contribution to the Rwandan economy.
Jack Kayonga further added, “Through Crystal Telecom, we are supporting the efforts of the Government of Rwanda to promote broader share ownership in Rwanda and further develop the Rwandan capital markets”.
Crystal Ventures has made a formal application to the Capital Markets Authority for the IPO of Crystal Telecom and expects to launch the IPO in this financial quarter.
Crystal Ventures has hired Renaissance Capital as the Lead Transaction Advisor on this IPO, and the intention is to communicate with market participants and potential investors of Crystal Telecom in the near term regarding the upcoming IPO of Crystal Telecom.
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