Kigali, Rwanda, 6th October 2011 – Crystal Ventures Limited (“Crystal
Ventures”) and the Government of Rwanda have collectively sold a 25%
stake in MTN Rwandacell Limited (“MTN Rwanda” or “the Company”) to MTN
Group Limited (“MTN Group”).
The transaction, which was concluded in Kigali last week and brokered
by Renaissance Capital, saw MTN Group increase its ownership in MTN
Rwanda from 55% to 80%. Crystal Ventures will retain a 20% interest in
MTN Rwanda and will remain an active minority shareholder in the
Company.
In a statement issued by Crystal Ventures, its Chairman Prof. Nshuti
Manasseh said: “We have held our investment in MTN Rwanda since its
inception 13 years ago and together created the foremost
telecommunications company in Rwanda with more than 2.7 million
subscribers. Following our partial divestment in 2007, this further
partial divestment provides another opportunity for Crystal Ventures
to redeploy capital in other sectors of the Rwandan economy. As we
remain a significant shareholder in MTN Rwanda, we look forward to
working with MTN Group to ensure the continued growth of the Company”.
Hon. John Rwangombwa, Minister of Finance said: “Since 1998, MTN
Rwanda has been an excellent investment for the Government of Rwanda
and has helped us to achieve our objective of growing and developing
the telecommunications industry in Rwanda. Government has for some
time now indicated its desire to no longer participate in the sector
as an investor. We are pleased that we have been able to reach
agreement with MTN on the terms of our exit”.
MTN Group President and CEO Sifiso Dabengwa added: “Our increased
investment in MTN Rwanda demonstrates our strong commitment to Rwanda
and the broader East African region. We look forward to many more
years of operating in Rwanda in partnership with Crystal Ventures”.
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