Crystal Telecom, a subsidiary of Rwanda's biggest local investment company Crystal Ventures Ltd, is set to list on the Rwanda Stock Exchange.

The Initial Public Offering will give investors a toe hold in the country's telecommunications sector.

Crystal Telecom boasts a 20 per cent stake of MTN Rwanda, the country's biggest telecom company, as its only investment.

Its parent company, Crystal Ventures, is the investment arm of the ruling Rwandan Patriotic Front (RPF) and also has interests in Ruliba Clays Ltd, Rwanda's sole brick and tile making company and East African Granite Industries, the largest granite factory in Rwanda, which are expected to be floated separately.

Crystal Ventures has made a formal application to the Capital Markets Authority for the Initial Public offering which it hopes to close by the end of June.

This comes almost three years after the Crystal Telcom overhauled its operations to improve the efficiency of its businesses. The IPO is seen as an attempt to streamline the company's operations as it strives to operate as a competitive private venture capital fund.

READ: Crystal Ventures in management shake-up

"Through Crystal Telecom, we are supporting the efforts of the government to promote broader share ownership in Rwanda and further develop the Rwandan capital markets," Jack Kayonga, executive chairman of Crystal Ventures Ltd said.

Crystal Ventures has been a shareholder of MTN Rwanda since 1998 when, acting jointly with the MTN Group Limited, it won the first licence to establish a GSM mobile network in Rwanda. The company is valued at approximately $500 million.

In addition to recent changes in top management, including the appointment of a new board chairman and chief executive officer, the company has also recruited the country's former national budget chief, Elias Baingana, as its new chief executive officer.

Crystal Ventures has hired Renaissance Capital as the Lead Transaction Advisor on this IPO.