Govt to float MTN Rwanda stake this year

The government of Rwanda plans to list its shareholding in MTN Rwanda on the newly launched Rwanda Stock Exchange (RSE) by the end of this year, local news paper Business Times reports. The state holds a 10% stake in the telecoms operator, which is 55%-owned by South African company MTN Group, with Tristar Investments owning the remaining 35% stake. At the launch of the RSE earlier this week, Finance Minister John Rwangombwa said: ‘We are in the process of discussing with MTN South Africa; we have 10% of government shares and there is also another investor [Tristar] that wants to divest from this company, so we might have 45% shares from MTN coming on the market soon this year.’ The move forms part of the government’s broader strategy to privatise companies in to facilitate development of capital markets and increase alternative sources of long-term capital for businesses.