July 16, 2015 / 10:26 AM / 4 years ago

Rwanda's Crystal Telecom shares rise 38 pct from IPO price

KIGALI, July 16 (Reuters) - Shares in Rwanda’s Crystal Telecom, which owns a 20 percent stake in mobile operator MTN Rwandacell, traded for the first time on Thursday at a 38 percent premium to their initial public offering (IPO) price, a stock market official said.

The shares started trading at 145 Rwandan francs ($0.1965), David Mitali, operations officer and trading manager at the Rwanda Stock Exchange, told Reuters, adding that 2,000 shares in the company changed hands.

Shares had been sold in the IPO IPO-CRT.RW at 105 francs. The offer, which closed in June, was the first on the Rwanda bourse since 2011.

Crystal Telecom, whose sole investment is its stake in MTN Rwandacell, was sold by Crystal Ventures, the investment arm of Rwanda’s ruling party.

It is the third company to have a primary listing on the bourse of the African nation. Three other firms cross-listed from Kenya are also traded.

$1 = 737.9800 Rwandan francs Writing by Edmund Blair; Editing by Pravin Char

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below