Crystal Telecom

Ticker code CTL Industry Investment Services KN 3 Av.2, Grand Pension Plaza
14th Floor
P.O. Box 1287
Kigali, Rwanda
ISIN RW000A14UYP4 Sector Financial
Initial Listing 16 July 2015 Financial Year End 31 December
Website Results Released Half-yearly


Crystal Telecom was established and incorporated in 2013, and following a share transfer of 20% of shares held in MTN Rwanda from Crystal Ventures to Crystal Telecom on 29 April 2015, Crystal Telecom currently owns a 20% equity stake in MTN Rwanda. The Company’s sole business is holding and managing this 20% stake in MTN Rwanda for the benefit of its shareholders. The remaining 80% of MTN Rwanda is held by MTN Group Limited – the largest African mobile telecommunicati‡ons company with operati‡ons in 22 countries throughout Africa and the Middle East. MTN Rwanda has operated in Rwanda for more than 15 years and built one of the leading brands in the country, with a core business centred on telecommunica‡tions, broadband, networking and mobile money payment services. MTN Rwanda is the biggest mobile network in the country, with an acti‡ve mobile subscriber base of 3.9 million and market share of 49%, as of March 2015 .


5th Floor, Blue Star House
Blvd de l'Umuganda, Kacyiru
P.O. Box 1495
Kigali, Rwanda


David Karima
KN 3 Av. 2
Grand Pension Plaza, 14th Floor
P.O. Box 1287
Kigali, Rwanda


Trust Law Chambers
KG 569st 4 TLC House, Kacyiru
P.O. Box 6679
Kigali, Rwanda

Name Position
Jack N. Kayonga Chairman
Vincent Gatete Director, Chief Executive Officer
Cherno Gaye Independent Non-executive Director
Jack Kayonga Mr. Jack Kayonga has held different positions both in the public and private sector, including having worked as an advisor to the Minister of Finance, as Deputy Director General of Rwanda Development Bank in charge of investments (2006-2009), and later taking over as the CEO of Rwanda Development Bank (2009-2013). He is currently the Executive Chairman of Crystal Ventures a role he assumed in 2013. Jack has served on numerous boards including Chairman of the Board of Prime Economic Zones Ltd, Chairman of the Board of the Rwanda Investment Group, and as Chairman of the Board of MTN Rwanda, a positon he has held since 2013. He holds a Bachelor’s Degree in Economics from the National University of Rwanda, a Master’s Degree in Finance and Banking from Cardiff University (UK) and is pursuing a Doctorate in Business Leadership with the Swiss Management Centre. Jack has won a number of accolades including World Economic Forum, Global Young leader 2015, CNBC Africa “Africa’s Young Business Leader of the year 2012” and the East African’s “All Africa Business Leaders Award” in 2012.
Vincent Gatete Vincent Gatete is currently the General Manager of Intersec Security Ltd, the largest security company in Rwanda with over 60% market share. Prior to that, Vincent served as the Group Company Secretary at Crystal Ventures for 5 years and he previously worked as a tax state attorney and International affairs manager in Rwanda Revenue Authority. Vincent is a registered member of the Kigali Bar Association and the East African Law Society. Vincent has served on a number of boards including currently on the Board of Prime Life Insurance Ltd, Akagera Aviation Ltd, Ultimate Concepts Ltd and the Board of MTN Rwanda, a position he has held since 2013. He holds a Bachelors of Law (LLB) from the National University of Rwanda and is in the process of completing an MBA from Strathmore Business School- Nairobi, Kenya. He is a Certified International Procurement Professional (CIPP).
Cherno Gaye Cherno Gaye is a Partner of Century Private Advisors, an Advisory firm focused on Financial Management that he co-founded in late 2013. Prior to that he served as CEO of Ultimate Developers Ltd, a subsidiary of the Rwanda Social Security Board (RSSB) focussed on Real Estate from 2012 to 2014 and also briefly as Deputy CEO and Chief Investment Officer of Doyelcy Group, an investment holding company registered in Mauritius and based in Rwanda focussed on Real Estate investments from July 2011 to December 2011. Prior to that, Cherno worked for the African Management Services Company (AMSCO), a UN project aimed at providing expatriate managers to African companies. Between 2005 and 2010 he was seconded to Banque Commerciale du Rwanda (BCR), a local bank owned by Actis and now part of the I&M Group, as Chief Financial Officer, where amongst other achievements he played a major role in helping BCR to issue Rwanda’s first corporate bond. Before the AMSCO assignment, He was Finance Manager (Head of Finance) of Maersk Gambia Ltd, a subsidiary of AP Moller Maersk A/S Group. He also helped set-up a subsidiary company of Maersk Gambia Ltd in Guinea Bissau. Cherno also worked as an external auditor with both KPMG and Deloitte and Touche. Cherno is a qualified chartered certified accountant and a fellow of the Association of Chartered Certified Accountants (ACCA). He is also a founding member of the Institute of Certified Public Accountants of Rwanda ICPA(R) as well as a member of the CFA institute and the CFA Society of South Africa. He is a Gambian National.

Crystal Ventures is the sole shareholder in Crystal Telecom and intends to fully exit its 100% interest in Crystal Telecom. The total number of Offer Shares is 270,177,320. Assuming the total number of Offer Shares is fully divested, the total number of Offer Shares will constute 100% of the issued share capital of the Company.  
Pre Offer Post Offer
Shareholder # of shares % of issued shares # of shares % of issued shares
Crystal Ventures 270,177,320 100 - 0
Offer shares - 0 270,177,320 100
Total 270,177,320 100 270,177,320 100