{In a little over a month since the listing of the Crystal Telecom, its board has announced that its shareholders will receive a dividend payout of Rwf 1,017,000,000 making it Rwf3.75 per share. }
“As we stated during the offer period, we expected a special dividend to be paid out as a result of the cash that was sitting in the account from the sale of the MTN towers. Given less CAPEX expenditure requirement, the MTN Rwanda board has reviewed its cash flow needs for the year and resolved to payout the dividend to its shareholders. As a result Crystal Telecom received 20% of the dividend which we will pass over to our shareholders.’ said Crystal Telecom Chairman, Jack Kayonga.
Crystal Telecom owns 20% of MTN Rwanda as its only investment. MTN Rwanda sold all of its 524 MTN Towers in Rwanda in December 2013 for undisclosed amounts to IHS Towers, the largest mobile telecommunications infrastructure providers in Africa.
“MTN Rwanda is no longer investing in towers. It is an opportune time for shareholders to benefit from the IHS transaction.” added Jack Kayonga.
Crystal Telecom offered its full 20% stake in MTN Rwanda in a successful IPO this year that closed on June 4th 2015 and listed on the Rwanda stock exchange on July 17th 2015.
The initial offer period saw the shares sold at Rwf 105 per share.
They are currently trading on the Rwandan Stock Exchange at Rwf 126 as of close of trading on Tuesday 25th August.
The dividend will be allocated to shareholders who will appear on the register on the 15th of September and will be paid out on the 2nd of October.
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