The transaction, which was concluded in Kigali last week and brokered by Renaissance Capital, saw MTN Group increase its ownership in MTN Rwanda from 55% to 80%. Crystal Ventures will retain a 20% interest in MTN Rwanda and will remain an active minority shareholder in the company.
In a statement issued by Crystal Ventures, its chairman Professor Nshuti Manasseh said, "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".
John Rwangombwa, Minister of Finance of Rwanda said, "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".
MTN group president and CEO Sifiso Dabengwa added, "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".
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