MTN-Rwanda Initial Shares to be Sold at Rwf105

KT Press has obtained leaked details regarding the much awaited Crystal Telecom IPO as shown in the following table below.

KT Press could not reach Crystal Ventures, but we spoke to Rwanda Stock Exchange CEO, Celestin Rwabukumba to confirm the details.

“It was leaked,” he said, but defended whoever released the details that, “We realized later that it was a mistake.”

KT Press cannot confirm the authenticity of the details, but it was obtained from a credible institution within the industry.

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Rwabukumba added that, “The prospectus is not yet out; it is in the print now. Even myself I have no details, and even if I did, I cannot make such a mistake.”

It was a mistake and it is not our fault, it must be from their own [Crystal Ventures] sphere,” told KT Press this afternoon.

Shortly before interviewing Rwabukumba, KT Press discussed the details with one of the brokerage firms.

The discussion was candid and open, but then the firm insisted they should not be mentioned for fear of a possible law suit. “Please, do not mention that we talked,” they said.

They had told KT Press that the Rwf105 share price is too good and very attractive compared to the previous IPOs, Bralirwa (Rwf136) and Bank of Kigali (Rwf125).

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Meanwhile the ceremony to announce the IPO is scheduled tomorrow at Serena Hotel by the Minister of Finance and the Central Bank.

Rwabukumba is praying that no one in the room gets to know these details.

In our previous interview with Robert Mathu, Executive Director of Rwanda Capital Market Authority (RCMA), he said that, “This [MTN] is a significant injection into our market.”

Crystal Ventures Limited, a local conglomerate valued at $500 million is selling its 20% stake in MTN, a South African telecom with more than 50% market share.

MNT declined to comment. Related article: Why Investors Are Hungry For Rwandan Stocks

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