MTN Uganda Receives CMA Kenya Consent to Market IPO to Kenyan Investors

MTN Uganda Receives CMA Kenya Consent to Market IPO to Kenyan Investors

MTN Uganda CEO Wim Vanhelleputte at a press briefing at the Kampala Serena Hotel, announcing the MTN IPO Offer opening for the public. Capital Markets Authority (CMA) Kenya has provided its ‘no objection’ for the MTN Uganda Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail Investors following the opening of the offer in Uganda last month .

The marketing in Kenya is spearheaded by SBG Securities, Dyer & Blair, both of whom are licensed market intermediaries in Kenya, working in collaboration with their respective affiliates in Uganda. SBG Securities Uganda Limited is the Transaction Advisor and Lead Sponsoring Broker for the MTN Uganda IPO and will be collaborating with SBG Securities Limited (Kenya) to market the IPO in Kenya.

The MTN Uganda IPO offers 4.5 billion ordinary shares for sale, accounting for a 20 percent stake of the company, at a price of UGX200 per share. Each prospective shareholder must apply for at least 500 shares (minimum shares to apply for) which is if fully allocated, results in a minimum investment of UGX100,000 per shareholder.

Kenyan investors will require a valid identification national ID or passport to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the MTN Uganda IPO.

All East Africans who apply for shares will receive 5 bonus shares for every 100 shares they are allocated. Applying for shares begun on October 11th, 2021 is scheduled to close on November 22nd, 2021 at 4 PM EAT.


As the first telecommunications company to list on the Uganda Securities Exchange, MTN’s offer will contribute towards deepening the Ugandan and East African capital markets by enhancing public access to the growing stock market.

While speaking to the Kenyan media in a virtual meeting about the offer, MTN Uganda Chief Executive Officer Mr. Wim Vanhelleputte said that the decision to float shares on the stock market is part of MTN’s localization agenda aimed at aligning the telco’s priorities more closely with the development agendas of its operating markets, in particular, and the African continent, as enshrined in the MTN Ambition 2025 strategy. MTN Uganda CEO Wim Vanhelleputte addressing the Kenyan media virtually following the CMA Kenya approval of the MTN-IPO. “The decision to list MTN on the Uganda Securities Exchange […]

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