The Rwandan government is reportedly looking to list stakes in several companies, including the country’s largest telco MTN Rwanda, in order to boost its fledging stock market.
MTN is 80%-owned by South African MTN Group while the remaining stake is…
The Rwandan government is reportedly looking to list stakes in several companies, including the country’s largest telco MTN Rwanda, in order to boost its fledging stock market.
MTN is 80%-owned by South African MTN Group while the remaining stake is controlled by Crystal Ventures, the investment arm of the ruling Rwanda Patriotic Front.
Robert Mathu, head of Rwanda’s Capital Market Authority (CMA), was quoted by Reuters saying that besides MTN, the country’s stock exchange might also see the partial flotation of Commercial Bank of Rwanda (BCR), the airline RwandAir, insurance firm Sonarwa and Fina Bank this year or in 2014.
So far, only four companies are listed on the Rwanda Stock Exchange: two banks, one brewery and one media company.
This report follows a similar announcement last week in Algeria. Finance minister Karim Djoudi recently said that the Algerian government is planning to propose an IPO of 20% of local mobile operator Mobilis and several other companies, in order to revive the country’s struggling capital markets.
