MTN Uganda Has Officially Listed On The Uganda Securities Exchange

By Juma / Published December 6, 2021 | 9:28 am

KEY POINTS

65 percent of employees of MTN Uganda bought shares according to Mr. Wim while 100 percent of senior managers at the company bought shares in the company

MTN Uganda has officially listed on the Uganda Securities Exchange (USE) shortly after the end of the successful IPO that made it possible for residents of East Africa to own part of the company through the purchase of the shares.

“This has been a successful journey. We put in hundreds of hours to ensure that this is a success. The success of this IPO stamps the true story of Uganda being our home,” said MTN Uganda CEO Wim Vanhelleputte.

According to Mr. Wim, the government of Uganda called on telcos to ensure that Ugandans owned part of the shares in the companies. “From less than 4 percent of Ugandans who had shares in MTN, am happy to report that the more than 15 percent of Ugandans now own MTN Uganda.”

At the same time, 65 percent of employees of MTN Uganda bought shares according to Mr. Wim while 100 percent of senior managers at the company bought shares in the company. “We have put our skin in the game. We believe in MTN Uganda,” said Mr. Wim.

“Some people thought MTN wouldn’t succeed, but we took on the challenge and explained to people about IPO,” he added.

The listing comes after MTN Uganda managed to raise 16.94 billion shillings, an equivalent to 535.9 billion Ugandan Shillings in the just-concluded IPO that gave investors across the East African region an opportunity to own a piece of the company.

The company had targeted to raise 27.6 billion shillings from the sale of 4.47 billion shares that had been flooded. The shares were deeply discounted as part of MTN to attract more investors to buy into it.

The Kenya National Social Security Fund (NSSF) bought 39.1 million shares for a 0.18 stake becoming the sixth top shareholder.

“This was the largest IPO in the continent this year. It was one of the most successful IPOs and we are grateful to all who took part in making this a success,” said Anne Njuuko, CEO of Stanbic Bank Uganda. “22 million shares were bonuses.”

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com

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