Museveni Meets MTN Chiefs as Telecom Opens $1.2bn IPO to Investors

Museveni Meets MTN Chiefs as Telecom Opens $1.2bn IPO to Investors

President Museveni (C) poses for a photo with MTN Group officials led by Group Board chairman Mcebisi Jonas (3rd L) based in South Africa after a meeting at Entebbe on Wednesday. (3rd R) is Mbire. (PPU Photo( The strategy by telecom giant MTN Telecommunications Company of getting Ugandans involved as partners in its activities has been described as “very important” by President Museveni who said it allows Ugandans and Africans to be partners in all the activities of the company.

“Localisation is very important. It removes nationalism in business where all people become partners,” he said

MTN Uganda recently announced its intention to proceed with an initial public offer (IPO) and subsequently list on the Uganda Securities Exchange (USE). it will become the first telecom to list on USE and the second publicly traded telecom in East Africa after Safaricom ’s IPO on the Nairobi Securities Exchange in 2008.

President Museveni congratulated the leadership of MTN for the strategy including that of the expansion of services to the rural areas as well as in business promotion.

The President was this Wednesday meeting MTN Group Officials led by the Chairperson of the Board Mr. Mcebisi Hubert Jonas who called on him at State House Entebbe.

Other members of the group included the CEO of the company Mr. Ralph Mupita and the officials of MTN Mr. Yolanda Cuba, Mr. Wim Van Helleputte and Mr. Charles Mbire.

The Minister of State for ICT and National Guidance Hon Godfrey Kabyanga as well as Uganda Communications Executive Director Ms. Irene Kaggwa attended the meeting.

According to the telecom, the IPO 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.

Officials say 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 Uganda Communications Commission (UCC) on July 10, announced a 12-year extension of MTN Uganda’s operation license effective July 1, 2020.This followed the completion of the negotiation process in which the leading telecom fulfilled all the requirements for the license renewal.MTN Uganda was first granted a Second National Operator License for the provision of telecommunications services on 20th October 1998 for a period of 20 […]

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