{Crystal Telecom has held its first Annual General Meeting since its listing on the Rwanda Stock Exchange in July 2016.}
The well-attended AGM passed several resolutions, most notably, the payment of Rwf 2,220,000,000 to Crystal Telecom shareholders. This is the second dividend that Crystal Telecom shareholders have received since the company offered 20% stake shares in MTN Rwanda in June 2015. The first dividend of Rwf 1,017,000,000 was paid in October 2015.
Together these dividends represent a pay out of Rwf11.95 per Crystal Telecom share and our expectation is for further dividends to be received over the course of 2016. The dividend will be allocated to shareholders who appeared on the register on 19th April 2016. The dividend will be paid on or not later than 09th May 2016.
Among other resolutions, the shareholders adopted the Annual Report and Audited Financial Statements for the year ended 31st December 2015 together with the Chairman’s Directors’ and Auditors’ report.
“I am pleased to say that the performance of the underlying MTN Rwanda investment has been strong and I congratulate our partners at MTN Rwanda on that. During the 12 months of 2015, MTN Rwanda grew its net income from 6.1bn Rwanda Francs to 8.9billion Rwanda Francs, representing an increase of 46%.In addition, MTN Rwanda passed the 4 million subscribers mark for the first time, maintaining its market leading position in our telecommunication sector,” said Jack Kayonga, the outgoing Chairman of Crystal Telecom.
As stated at the time of the IPO, Mr Jack Kayonga retired as the Chairman of Crystal Telecom during the Annual General meeting. Mr. James Gatera was elected as chairman.
He is the former CEO of Bank of Kigali and is the current Chief Executive Officer of Crystal Ventures Ltd. Other Directors elected are, Mr. John Bosco Sebabi, Mr. Cherno Gaye, Mr. Vincent Gatete, and Mr. David Dalhuisen.
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