This will potentially be the largest IPO on the Ugandan market and will be delivered primarily through a digital paperless/ green platform which is the first of its kind in East Africa.
The offer and listing of MTN Uganda is in line with MTN Group’s localisation plans to drive local ownership in the markets within which MTN operates.
It is also in line with the policy objectives of the Government of Uganda as articulated in the National Broadband Policy (2018)and the Uganda Communication (Licensing) Regulations S. I No. 95 of 2019.
MTN Uganda is pleased to announce our intention to proceed with an initial public offer (IPO) and subsequently list on the Uganda Securities Exchange (USE). This follows the requisite approval by the Capital Markets Authority and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN Uganda to the public. MTN Group owns 96% of MTN Uganda.
The listing is in line with the Group’s strategic priority to create shared value, partly through ensuring broad-based ownership in its operating subsidiaries. It is also in line with the provisions of MTN Uganda’s NTO licence, which require its listing by end-June 2022.
"The intention to float announcement is a major step towards delivering on our plan to list on the USE," said Charles Mbire, Chairperson of the Board of Directors, MTN Uganda. "It is a reaffirmation of our long-term commitment to expand investment opportunities for Ugandans and we look forward to continuing our engagement with the CMA and USE to take forward the IPO and the listing."
MTN Group Vice President for Southern and East Africa Yolanda Cuba called the planned listing a milestone: "Over the last 23 years, the people of Uganda have embraced MTN as their own and given us the legitimacy to operate throughout this country. We are reciprocating by inviting Ugandans to share in the ownership of the success that we have built together."
In 1998, licence in hand, MTN Uganda commenced the rollout of our infrastructure and services. We provided affordable access to the people through a widespread voice and data network, investing UGX3.5 trillion in infrastructure development across the 134 districts of Uganda, both rural and urban. To facilitate universal access, we continue to contribute 2% of our gross annual revenue to the Uganda Communication Commission.
Over the years, MTN Uganda has prioritised the expansion of rural coverage. We […]
