Crystal IPO: Shareholders to get dividends this year - CEO

Investors in the ongoing Crystal Telecom IPO are poised to get their dividends before the end of the year. This was announced yesterday during a breakfast meeting. Crystal Telecom last month, through Initial Public Offering (IPO), floated its 20 per cent stake in the country’s biggest telecommunication company, MTN Rwanda, with the listing on Rwanda Stock Exchange expected next month. During an investors’ breakfast in Kigali, Ebenezer Asante, the chief executive of MTN Rwanda, revealed that dividends will be paid out this year after the listing of the Crystal Telecom shares. Encouraging Rwandans to apply for shares in the ongoing IPO, Jack Kayonga, the chairperson of Crystal Ventures Ltd, the parent company of Crystal Telecom, said MTN had been a top earner for the Group. “MTN Rwanda has been a significant dividend earner for the Crystal Ventures Group. We have been selling back our shares to the MTN Group over the years. This IPO represents the first time Rwandans can own a part of this successful entity and stand the opportunity to gain from its continued growth,” said Kayonga, who is also the chairperson of Crystal Telecom. It was also revealed that MTN Rwanda’s growth strategy is focused on increasing their revenue lines on data and its Mobile Money platform – an area where they are dominating the local market. This was evident through a 63 per cent increase in their data revenue from 2013 to 2014, officials said. MTN Group is listed on the Johannesburg stock exchange at a share price of 22,000 Rand, an equivalent to approximately Rwf1.2 million, which puts this particular IPO price at a fair level, according to observers. In the ongoing IPO, a share is sold at Rwf105 while the minimum application is for 1,000 shares. According to Kayonga, all Rwandans are eligible and applicants can get the shares from Bank of Kigali or any of the listed stockbrokers in the country. Crystal Telecom was the country’s third IPO after Bralirwa and Bank of Kigali. editorial@newtimes.co.rw

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Crystal IPO: Shareholders to get dividends this year - CEO