MTN Uganda, which owns 22.4 billion ordinary shares, has announced its intention to go public. The listing will be made available on the Uganda Securities Exchange. The Capital Markets Authority (UG) and the USE have given their approvals for the listing. It follows the completion and record raising of UGX535 million ($149-million) through applications for 2.9billion shares (including incentive shares).
“We are happy with the completion of this offer. It clearly demonstrates the confidence that Ugandans along with other investors have placed in the company, its branding and its strategic intention,” Charles Mbire Chairman MTN Uganda
“We commend every regulator for their support in my work to become a USE -listed company, and to comply promptly with the listing provision of the national telecommunications Operators’ license,” he stated.
Wim vanhelleputte, MTN Uganda CEO, was also in a celebratory mood. He said: “Today marks the completion of a remarkable and rewarding journey that has offered over 20 000 Ugandans a chance to be owners of MTN Uganda.”
“We are particularly proud to have collaborated with the USE on digital mIPO, which is an African first. He added that over 93% of all applications were made via m-IPO platforms, with the majority being new market participants.
MTN Group’s ownership percentage in MTN Uganda is now 96%, down from 83.05%. It is consistent with MTN Group’s strategic priority, to create shared value. Partly by ensuring broad ownership in all operating subsidiaries, it is also in line. This conforms to the Ugandan Communications Commission’s new licensing requirement for broad ownership by Ugandans. It is due to be in compliance by mid-2022.
Ralph Mupita CEO, MTN Group said that MTN Uganda will now be the Ugandan stock with a large market capitalization in USE. “We are delighted to have helped foster the broadest possible shareholder base, with regional participation and thus further developing equity capital markets in Uganda,” said Ralph Mupita, MTN Group President and CEO.