MTN Uganda has become the largest company by Market Capitalization on Uganda stock exchange after officially listing its 22.4 Billion shares on Monday morning today.
The event happened at Serena Hotel Kampala as the telecommunication company became the 9th local company to list on the Uganda Stock Exchange.
The listing comes just two weeks after the undersubscribed IPO was finished which added an excess of 21300 new shareholders in the company.
CEO of MTN Mr. Wim Vanhelleputte welcomed the new shareholders and revealed that 65% of MTN Uganda workers purchased MTN shares showing workers trust in the future of the company.
“65% of our employees have bought shares in MTN. That shows you how they believe in the future of our company.” Said CEO Wim Vanhelleputte
With 535 Billion collected, MTN’s IPO was the largest IPO ever in Uganda and the largest IPO in Africa this year.
The event was graced by Hon. Chris Baryomunsi the Minister of ICT who witnessed MTN Uganda fulfills the National Broad Band Policy of allowing Ugandan ownership.
Shares were reported to have bounced by 3% just minutes after they started trading on Uganda Stock Exchange according to Reuters.
Of the 21,300 87% are Ugandan investors, 9% from the East African Community while the remaining 4% are from outside East Africa.
Read also: Top 10 Largest Shareholders in MTN Uganda