Crystal telecom shares were finally made available to the secondary market at the Rwanda stock exchange and went on to attract high volumes of trading traffic after the launch.
The company made the highest turnover for any of the counters cross listed with its first trade at the secondary market of 2,000 shares at Rwf145 each, going on to trade 4,000 more shares at Rwf144 each, raking in a total of Rwf886, 000.
The turnover could have been higher but most of the bids made were for the firm’s shares at Rwf104 and Rwf105, similar to the initial public offering (IPO) price, thus not matching the new shareholders’ offer prices that were at between Rwf285 and Rwf300 per share.
The day’s trading showed that many investors who had missed out on buying the shares during the IPO last month were eager to buy at the same price as the IPO price, but the shareholders differed.
“The public look at Crystal Telecom at the fundamentals of MTN Rwanda since the telecom sector is going to go through the roof very soon. So far for me this is a long-term investment,” said Richard Kareke who was at the offering.
Jack Kayonga, Crystal Telecom chairperson, told reporters after the listing that all those who subscribed for the retail lot were allowed to buy the shares, while the local and regional institutional investors got the lion’s share of the institutional lot compared to the international investors, thus allaying any local trader’s fears.
Kayonga was ecstatic on how the first day went for the company and was optimistic that shareholders who bought shares during the IPO would not hold onto them but instead trade them actively at the stock exchange.