MTN Rwandacell PLC lists on the Rwanda Stock Exchange

In a significant move for the Rwandan capital market, MTN Rwanda successfully listed on the Rwanda Stock Exchange today with over 1 billion shares available at a value of Rwf 269 per ordinary share. Olivier Muneza, CEO of Mo Capital, provided insights on the market's reaction to this long-awaited event. Muneza remarked that the first trading of MTN Rwanda shares commenced at 269 Rwandan francs and continued throughout the trading hours, indicating a strong demand for the telco company's stock. He noted that the listing is not only anticipated by local investors but also expected to attract interest from international investors, highlighting the positive reception MTN Rwanda has received. The listing of MTN Rwanda on the local stock exchange underscores a vote of confidence in the Rwandan capital market. Muneza emphasized that the presence of an international company like MTN on the exchange bodes well for market growth and demonstrates the willingness of global companies to raise funds and engage with local markets. This development is likely to encourage further companies to consider listing on the exchange, thereby expanding the market beyond its current scope of 10 companies. Muneza expressed optimism that MTN Rwanda's successful listing will serve as a catalyst for other companies in the private sector to explore opportunities in the capital market. By observing MTN's example, he believes that more companies will be inspired to leverage the exchange to raise capital and expand their businesses. The increasing interest from companies in understanding the listing requirements and exploring possibilities for market engagement indicates a shift towards a more vibrant and diverse capital market landscape in Rwanda. While reflecting on the reasons why some companies have been hesitant to go public, Muneza highlighted that in the past, the lack of information about the benefits of the capital market hindered companies from pursuing listings. However, the current trend shows a growing interest among potential issuers who are actively seeking information and guidance on how to list on the stock exchange. Muneza expressed confidence that this shift in mindset will lead to a surge in new listings in the near future, contributing to the overall development and expansion of the Rwandan capital market. The successful listing of MTN Rwanda on the Rwanda Stock Exchange is a significant milestone that signals a positive trajectory for the country's capital market. With increasing interest from both local and international investors, as well as a growing appetite among companies to explore market opportunities, Rwanda is poised for a dynamic period of market growth and expansion.