Press Releases

MTN increases shareholding in MTN Rwanda

The MTN Group is pleased to announce that it has concluded an agreement to purchase a further interest in MTN Rwanda, increasing its shareholding from 40% to 55%.

The purchase of the stake from Tristar Investments SARL, who will still remain as a significant 35% shareholder after the transaction, will be effected through MTN’s wholly-owned subsidiary, MTN International (Mauritius) Limited.

MTN was awarded a national GSM licence in Rwanda in April 1998, launching MTN’s expansion on the continent. Since then, MTN Rwanda has performed well, reporting 576 000 subscribers for the quarter ended 30 September 2007, up 18% from 486 000 subscribers the previous quarter.

Says MTN Group President and CEO, Mr Phuthuma Nhleko: “This acquisition demonstrates MTN’s confidence in the Rwandan economy and our resolve to consolidate our position in the region. We are pleased that this transaction has the endorsement of all shareholders.”

MTN Rwanda continues to invest in infrastructure and world-class products and services in the country. New investments include a 3G network which will soon be piloted in the capital city, Kigali. Recently MTN Rwanda launched seamless roaming services with MTN Uganda, Safaricom in Kenya and Vodacom in Tanzania. Seamless roaming allows subscribers free roaming between the four networks. The operation has also rolled out fibre optic backbone infrastructure within Kigali and from Kigali up to the border of Uganda. WiMax, which has been rolled out in Kigali, is also being implemented in 12 towns across the country.