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Crystal Ventures Ltd remain active share holder in MTN

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By Robert Mugabe

rmugabe@greatlakesvoice.com

Proffesor Nsuti Manasseh, Crystal Ventures Boss

Kigali-Rwanda Patriotic Front (RPF) owned, Crystal Ventures and the Government of Rwanda have collectively sold a 25% stake in MTN Rwandacell Limited to South African mobile services provider MTN Group Limited (MTN).

MTN Group increase its ownership in MTN Rwanda from 55% to 80%, following the transaction, which was concluded in Kigali last week and brokered by Renaissance Capital, as Crystal Ventures will retain a 20% interest in MTN Rwanda and will remain an active minority shareholder in the Company.

“We have held our investment in MTN Rwanda since its inception 13 years ago and together created the foremost telecommunications company in Rwanda with more than 2.7 million subscribers. Following our partial divestment in 2007, this further partial divestment provides another opportunity for Crystal Ventures to redeploy capital in other sectors of the Rwandan economy.

As we remain a significant shareholder in MTN Rwanda, we look forward to working with MTN Group to ensure the continued growth of the Company.” Chairman, Prof Nshuti Manasseh, said in the statement

Rwanda’s Minister of Finance, John Rwangombwa, was quoted byBusiness report as saying that since 1998, MTN Rwanda has been an excellent investment for the Government of Rwanda and has helped us to achieve our objective of growing and developing the telecommunications industry in Rwanda.

Government has for some time now indicated its desire to no longer participate in the sector as an investor. We are pleased that we have been able to reach agreement with MTN on the terms of our exit.”

“Our increased investment in MTN Rwanda demonstrates our strong commitment to Rwanda and the broader East African region. We look forward to many more years of operating in Rwanda in partnership with Crystal Ventures.” MTN Group President and CEO Sifiso Dabengwa said

 

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