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MTN Uganda Officially Announces its Intention to Float 20% Shares to the Public

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MTN Uganda has today morning announced its intention to list 20% of its shareholding to the public at the Initial Public Offering which is expected soon.

In a message by Charles Mbire who is the Chairman MTN Uganda, the company will list on the Uganda Stock Exchange and added the company has already agreed with the regulator of stock markets in Uganda – Capital Markets Authority about how the company will issue shares at IPO.

It is in great honor, I announce MTN’S intention to float 20% of its issued shares through an initial public offer -IPO of existing ordinary shares, a process which has already been approved by Capital Markets Authority of Uganda” Mbire announced.

MTN listing is in line with its mandatory obligation to list 20% of its shares to the public under the new National Telecom Operator License.

“Today, MTN Uganda has announced its intention to sell 20% of its shares to the public by listing on the local stock exchange in fulfilment of its obligation under the National Telecom Operator licence. This is an opportunity for every Ugandan to invest & own a share in MTN” said Irene Kaggwa Sewankambo, Uganda Communications Commission Executive Director.

At IPO, shares will exclusively be purchased by East African nationals.

MTN recently partnered with Uganda Stock Exchange to enable investors can open a digital Securities Central Depository (SCD) enabling them to purchase shares through MTN Mobile Money.

“Last year we launched a web-based platform called the Easy portal as a self-service channel for opening an SCD account in service of our goal of facilitating convenient access to stock market services. This partnership with MTN Uganda is another stride towards achieving this goal.” Paul Bwiso, the Chief Executive Officer, Uganda Securities Exchange noted 3 weeks ago.

Dates on when MTN will conduct IPO and details of share purchase will be announced in the days to come as the company nears the set time to issue shares to the public.

MTN Group South Africa currently owns 96% shares in MTN Uganda.

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