MTN raises stake in Rwanda subsidiary to 80 per cent

South Africa’s MTN Group has increased its stake in MTN Rwanda by a further 25 per cent to take its holding to 80 per cent.

Crystal Ventures and the government of Rwanda collectively sold the 25 per cent stake in MTN Rwanda for an undisclosed amount.

Crystal Ventures will retain a 20 per cent interest in MTN Rwanda and will remain an active minority shareholder in the company.

In July MTN had said it would support plans by the Rwandan government to float its 10 per cent stake in cellco onto the local stock market, which at the time had ended speculation that MTN would try to buy the interest instead.

Rwanda has three mobile operators, with MTN Rwanda leading the way with a subscriber base of around 2.7 million, representing a market share of 53 per cent.