MTN Uganda Plans to Offer Shares on Local Stock Market

MTN Uganda Sales Shares: MTN Uganda, a popular Nigerian telecom company, has arranged selling shares (the Offer) left over from its undersubscribed 2021 Initial Public Offering. The shares will be sold to local investors to expand local ownership and comply with regulatory requirements.

The selling shares (the offer) is being undertaken in compliance with regulatory license conditions in Uganda. In addition, it aligns with MTN’s objective to broaden the local shareholding in MTN Uganda.

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The Offer will provide an opportunity for Ugandan retail and professional investors to own a stake in MTN Uganda. Also, it will ensure they participate in its future growth.

MTN Uganda said, “The Uganda unit of South Africa’s MTN Group has received regulatory approval for the extra share sale.” This statement was published in The East African Newspaper.

MTN Uganda To Sell Shares To Local Investors

MTN Uganda sought to sell 20% of its shares to local investors to fulfil regulatory requirements, but only met 60% of that target. This was when MTN listed on the Ugandan stock market three years ago.

MTN Uganda said it will sell the shares on the secondary market of the Uganda Securities Exchange (USE) between May 27 and June 10. The company has a subscriber base of about 15 million people and also offers mobile money financial services. Its main competitor is the local unit of Bharti Airtel.

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