Crystal share value soars despite plans to wind up

Rw Ctl Logo Min.png The Crystal Telecom share price hit a record high of Rwf200 ($0.20)

Wed, 5 May 2021 Source: theeastafrican.co.ke

The value of Crystal Telecom Ltd (CTL) stock increased 110.5 percent, ahead of delisting and winding up of the company on May 4, 2021, fuelled by optimistic sentiments of investors.

The Crystal Telecom share price hit a record high of Rwf200 ($0.20) from an average of Rwf95 ($0.096) for the past 12 months to first three weeks of April, below the telecom issue price.

Crystal Telecom was established as a special purpose vehicle for the public to hold shares in MTN Rwanda which were initially held by Crystal Ventures Ltd, a business arm of Rwanda’s ruling party Rwanda Patriotic Front (RPF).

CTL owns 20 percent while the remaining 80 percent of MTN Rwandacell shares are held by MTN Group Ltd.

In July 2015, Crystal Telecom shares in MTN Rwandacell were listed on Rwanda Stock Exchange. Crystal Telecom annual general meeting in March approved to dissolve the company and distribute the shares held in MTN Rwandacell as excess assets to the shareholders after payments of all the company’s liabilities.

The AGM also approved the proposed delisting from the stock exchange as well as deregistration.

Source: theeastafrican.co.ke