This is just over a month since the listing of Crystal Telecom as announced in statement released last week in Kigali.

 

“As stated in the last offer period, we expected a special dividend to be paid out as a result of the cash that was sitting on the account from the sale of the MTN Tower. Given less CADEX expenditure requirement, the MTN Rwanda board has reviewed its cash flow needs for the year and has resolved to payout the dividend to its shareholders.

 

“As a result Crystal Telecom received 20% of the dividend which we will pass over to our shareholders,” Jack Kayonga, the Crystal Telecom Chairman said.

 

He said, “MTN Rwanda is no longer investing in towers and therefore this is an opportune time for shareholders to benefit from the IHS transaction.”

 

Crystal telecom owns 20% of MTN Rwanda as its only investment. MTN Rwanda sold all its 524 towers in Rwanda duringDecember 2013 for undisclosed amount to IHS Towers.

 

IHS is the largest mobile telecommunication infrastructures provider in Africa. 

 

Crystal telecom offered its full 20% stakes to MTN Rwanda in a successful IPO earlier this year which was oversubscribed.

Source : EAST AFRICA BUSINESS WEEK