After several weeks of maintaining a steady shares trading Crystal Telecom (CTL) an investment arm of MTN Rwanda have dropped sharply losing four francs.
Yesterday the CTL counter lost one franc on its bargaining power, a drop which has been followed by a three franc decrease on its shares which have for long floated around Rwf64 since January this year.
MTN Rwanda is Rwanda’s leading telecommunication company. The drop is believed to be related to the ongoing tight competition inside local telcos after the other two struggling companies (Tigo and Airtel Rwanda) merged their business operations recently to retain their market shares.
In the wake of the merger, and several complaints of network failures, MTN Rwanda confirmed injecting $20million in network upgrade using a new technological (U900) to have Third Generation (3G) users have better services indoor.
MTN has also survived in business despite last year’s fine of Rwf37 billions by Rwanda Regulatory Authority (RURA) for breach of a contract, but the company says it managed to pay it off from the shareholder dividends.
According to the 2017 Rwanda Utilities Regulatory Authority (RURA) Quarter 2 report, Mobile Money transactions recorded were 291,901,031.
MTN continues to lead Mobile Money with 1.3 million active subscribers and over 700,000 unique users on the ‘MoKash’ platform.
In the meantime, the RSE stock and all shares index went down 0.08 and 0.01 points to close at 133.80 and 133.25 respectively with little or less changes on shares of other counters.