BUSINESS and FINANCE, SCIENCE and TECHNOLOGY

PRESS RELEASE: Crystal Telecom Ltd listed on the Rwanda Stock Exchange

Crystal Ventures, with the approval of the Rwandan Capital Market Authority (CMA) and the Rwanda Stock Exchange (RSE) started the trading of Crystal Telecom Ltd shares on Thursday, July 16; the market price per share was Rwf145

Jack Kayonga, Chairman of Crystal Telecom Ltd said “This is an opportunity for those who missed out on the initial offer to purchase shares of Crystal Telecom and therefore indirectly own a share of MTN Rwanda, our largest and most successful telecom operator’.

The Executive Director of the Rwanda Capital Market, Robert Mathu  said the capital markets are an ideal source of long term funds and has urged other companies in the country to seek long term funding from the capital market.a

He stressed that “The capital market promotes efficiency in capital formation and allocation; it provides the platform that enables companies to raise capital for financing new projects.”

Crystal Telecoms 1

Celestin Rwabukumba, CEO of the Rwanda Stock Exchange (RSE) said “This being the first private sector offer in Rwanda, we look forward to the impact that the trading will have on our stock exchange. Investors who missed out on the first offer may now engage authorized selling agents.”

Subsequent to the close of its IPO offer period on June 5th, the offer was fully subscribed with over 2,300 orders totalling in excess of 123% of the shares on offer.

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