Crystal Telecom rush listing ahead of Muslim holiday

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Crystal Telecom listing on the Rwanda Stock Exchange was accelerated today Thursday 16th July due to the uncertainty of date on which the Muslim holiday Eid al-Fitr, will fall. Crystal Telecom listing date as set out in the Prospectus was scheduled for Friday 17th July.

Crystal Telecom initial public offing was fully subscribed with over 2,300 orders totaling in excess of 123% of the shares on offer.

“It is considered in the best interests of the new investors to bring the listing forward to the preceding day. Jack Kayonga, Chairman of Crystal Telecom said “The secondary market is eager to start trading the Crystal Telecom IPO shares.

Celestin Rwabukumba, CEO of the Rwanda Stock Exchange (RSE) said ‘this being the first private sector offer in Rwanda, we look forward to the impact that the trading will have on our stock exchange. Investors who missed out on the first offer may now engage authorized selling agents.’

In the meantime the Rwanda stock market index and all shares index remained constant to close at 215.43 and 144.69 respectively.

The Bank of Kigali counter closed at Rwf 290 (Rwf 290 previous). The trading session recorded a total turnover of Rwf 197,989,000 from 707,100 shares traded in 2 deals.

Bralirwa counter was quiet today and closed at Rwf 337. The last trading session recorded a total turnover of Rwf 100,900 from 300 shares traded in 2 deals.

EQTY counter was quiet today and closed at Rwf 334. The last trading session recorded a total turnover of Rwf 334,000 from 1,000 shares traded once. No transaction recorded on NMG, KCB and USL counters.

At the end of formal trading hours, there are outstanding offers of 64,000 BK shares between Rwf 290-300 and no bids.

On Bralirwa counter, there are outstanding offers of 794,000 shares between Rwf 335-370 and no bids. On KCB counter there is an outstanding offer of 1,000 shares at Rwf 370 and no bids.

On USL counter there is an outstanding offer of 6,500 shares at Rwf 104 and no bids.

On the bond market there was an outstanding offers of 2,000,000 for government bonds FXD 4/2014 at Rwf 106 and an outstanding bid of 2,000,000 at Rwf 99.5 .On FXD1/2014 there is an outstanding offer of 5,000,000 at Rwf 106 and an outstanding bid of 5,000,000 at Rwf 100.5.

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Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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