MTN Rwanda Hosts their 2024 Annual General Meeting and Announces Strategic Resolutions and Dividend Payouts

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MTN Rwandacell PLC (MTN Rwanda) has announced the resolutions from the 2024 Annual General Meeting (AGM), which was held virtually this afternoon.

This AGM marks the fourth since MTN Rwanda’s listing by introduction on the Rwanda Stock Exchange (RSE) on May 4, 2021, and achieved a 51 percent quorum. The meeting was opened by Mr. Faustin Mbundu, Chairperson of the MTN Rwanda Board of Directors.

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Mr. Mbundu presented the shareholders with highlights from the 2023 Integrated Report, emphasizing the company’s strong performance and strategic initiatives. He stated, “MTN Rwanda has firmly established itself as a leader in connecting Rwanda, playing a crucial role in driving economic growth and enhancing community wellbeing. Our commitment to placing customers at the core of our operations has solidified our position as an innovator in providing solutions for Rwanda’s business community. Despite macroeconomic challenges, we have demonstrated resilience and achieved robust economic growth. Our 2023 Integrated Report highlights our solid performance, significant community impact, and forward-looking strategic initiatives. We remain dedicated to our Ambition 2025 strategy, aiming to build the largest and most valuable platforms and to lead digital solutions for Rwanda’s progress.”

Mr. Mbundu was joined by MTN Rwanda Chief Executive Officer, Ms. Mapula Bodibe; Chief Finance Officer, Mr. Mark Nkurunziza; General Manager, Corporate Services and Company Secretary, Ms. Sharon Mazimhaka; and Mr. Stephen Sang, representing external auditors Ernst & Young.

Ms. Bodibe elaborated on MTN Rwanda’s operational achievements in 2023, stating, “We are approaching the one-year mark since obtaining our 4G license, which has enabled us to significantly increase digital access and improve the internet user experience across the country. We have made substantial progress in expanding our 4G network, now achieving a 4G population coverage of 84.5%. To further accelerate our growth, we are pursuing strategic partnerships and aligning with the government’s digital services strategy to ensure connectivity and access for all. Looking ahead, we will continue grow our subscriber base, invest in our network infrastructure to enhance capacity, expand coverage, and unlock cost efficiencies, thereby improving the profitability of our business.”

Shareholders approved the final dividend distribution for the year ended December 31, 2023, amounting to Rwf 4.24 per share, totaling Rwf 5,724,860,000 (Five Billion Seven Hundred Twenty-Four Million Eight Hundred Sixty Thousand Rwandan Francs). Shareholders recorded in the Share Register as of June 7, 2024, can expect to receive their dividends on July 3, 2024.

Other resolutions included the approval of re-appointment of Ernst & Young Rwanda Limited as the Company External Auditors until the conclusion of the next AGM and authorization for the board to fix their remuneration, the adoption of the 2023 Integrated Annual Report, the signed Financial Statements alongside the Director’s Report, and Audited Financial Statements for the year ended December 31, 2023. Additionally, the approval of two Directors and re-election of six Directors of the Board was confirmed.

The appointments of Director Peace Uwase and Wanda Matandela, which were made through a shareholders’ resolution effective as of 1 January 2024, were ratified at the AGM.

Directors re-elected included Mr. Faustin Mbundu, Ms. Karabo Nondumo, Mr. Michael Fleischer, Mr. Julien Kavaruganda, Ms. Yolanda Cuba and Mr. Mark Nkurunziza.

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