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MTN Uganda seeks to boost local ownership with additional share sale

MTN Uganda is offering to sell remaining shares from its initial public offering (IPO) in 2021.
MTN Uganda

MTN Uganda announced plans to sell remaining shares from its poorly received 2021 initial public offering (IPO) to local investors. This aims to increase local ownership and meet regulatory requirements.

MTN Uganda, a subsidiary of South African company MTN Group listed on the Johannesburg Stock Exchange (JSE), confirmed receiving regulatory approval for selling the additional shares. This information was announced in a statement published by The East African newspaper.

In its 2021 listing on the Ugandan stock exchange, MTN Uganda aimed to sell 20% of its shares to local investors to comply with regulations. However, they only achieved 60% of their target. The telecommunication giant said in the announcement that the remaining shares will be available for purchase on the Uganda Securities Exchange (USE) secondary market from May 27th to June 10th.

With a customer base of roughly 15 million, MTN Uganda is a leading telecommunications provider, also offering mobile money financial services. Their primary competitor is the Ugandan branch of Bharti Airtel.

This additional share sale presents an opportunity for Ugandan citizens to invest in a leading telecommunications provider with a strong customer base of roughly 15 million people. MTN Uganda not only offers mobile network services but also provides mobile money financial services, making it a key player in the Ugandan market.

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With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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