MTN to list on Uganda’s Stock Exchange, Calls Upon Investors To Buy Shares

PHOTO: Michael Atingi-Ego the Deputy Governor BOU, Wim Vanhelleputte the MTN Uganda CEO, Anne Jjuuko the Stanbic Bank Uganda CEO, Godfrey Baluku Kabyangga the State Minister for National Guidance, Irene Ssewankambo, the Executive Director UCC and Andrew Bugembe, the MTN Chief Finance Officer at the MTN Uganda Intention to float announcement held in Kampala today.

Telecom giants MTN Uganda have announced their intention to list on Uganda’s Stock Exchange (USE) market in a bid to expand their capital base as a business empire.

In order to achieve this strategic expansion, the company has sent out an Initial Public Offer (IPO) urging Ugandans and investors from other countries to buy shares from the telecom company.

As of 30th June 2021, the company’s reporting data showed that MTN had 14.9 million subscribers, 4.7million of which are 30-day data subscribers. In the mobile money market, the company had about 8.6million active 30-day MTN mobile money subscribers.

PHOTO: Keith Kalyegira the Chief Executive Officer of Capital Markets Authority gives his remarks at the MTN Uganda Intention to float announcement at the Kampala Serena Hotel

Following the announcement, MTN Telecom has already started receiving offers from several investors both in Uganda and abroad, who are willing to buy shares from the company.

After fully being listed on the Uganda Stock Exchange market, MTN Telecom shall join several companies like Umeme, Uganda Clays, New Vision, and others that have since been listed on the Uganda Stock Exchange market in a bid to expand their capital base. 

However, as much as we already know it’s 20% of the shares that are up for grabs, it is not yet clear how much they will go for. It has been promised that this information will be communicated by the company in a few days to come.

PHOTO: L-R John Musinguzi, the URA Commissioner General, Ms. Yolanda Cuba the MTN SEA VP, Japheth Katto chairman Stanbic Uganda Holdings Limited, Lulu Xingwana the South African High Commissioner to Uganda and Charles Mbiire, the MTN Uganda Chairman at the MTN Uganda Intention to float announcement at the Kampala Serena Hotel today

MTN Uganda is a subsidiary of  South African-based telecommunications conglomerate  MTN Telecom by MTN Group Limited(MTN Group) and has been operating in Uganda for 23 years having entered the industry in 1998.

The MTN Group which also owns 96% of MTN Uganda is a multinational telecommunications group, with its core operations in 21 countries in Africa and the Middle East.

On October 21st, 1998, MTN Uganda launched commercial services, just six months after acquiring and signing the license in Uganda.

MTN has since grown to be the leading Telecommunications Company in Uganda servicing in excess of 3,500,000 customers.

Despite insufficient infrastructure (power, roads, etc) MTN has covered in excess of 90% of the urban population, providing services in over 150 towns and villages and their immediate environments.

MTN’s promise is to remain committed to building the largest and most valuable platforms, driving industry-leading connectivity operations, creating shared value, and accelerating portfolio transformation through creating meaningful partnerships and leveraging its brand for the good of everyone, everywhere you go, in Uganda.

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