Crystal Telecom has announced a special half year dividend payout for shareholders totaling to Rwf1.02 billion. The company listed on the Rwanda Stock Exchange (RSE) on July 17.

According to a statement released yesterday by RSE, Crystal Telecom will pay shareholders a Rwf3.75 dividend per share on October 2. The shareholders’ register will be the closed on September 11, according to the statement.

"Given less capital 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 per cent of the dividend, which we will pass over to shareholders,” Jack Kayonga, the Crystal Telecom chairman, said in a statement last evening.

MTN Rwanda sold all of its 524 MTN towers in Rwanda in December 2013 for undisclosed amounts to IHS Towers, the largest mobile telecom infrastructure providers in Africa.

The company closed at Rwf126 at bourse yesterday.

Crystal Telecom ceded 270 million shares or 20 per cent of its stake in telecom firm, MTN Rwanda, to the public through an Initial Public Offering (IPO) in June.

The firm’s sole revenue stream are dividends from the 20 per cent stake in MTN Rwanda.

business@newtimes.co.rw