MTN Uganda lists  its shares on the USE and commences trading today

MTN Uganda Limited announces that it will proceed today with the listing of its  22.4 billion ordinary shares on the Uganda Securities Exchange (USE), with trading commencing immediately.

The listing has received the requisite approvals from the Capital Markets Authority in Uganda and the USE. It follows the successful completion of the largest initial public offering in Uganda’s history, raising a record UGX535 billion from applications for 2.9 billion shares (including incentive shares).

“We are delighted with the successful completion of the offer. It clearly shows the confidence that Ugandans and other investors have in the company, its brand and its strategic intent,” said MTN Uganda Chairman Mr. Charles Mbire. 

“We commend all the regulators for their support in our work to become a USE-listed company and to comply in a timely manner with the listing provisions of the national telecommunications operators’ licence,” he added.

MTN Uganda CEO Wim Vanhelleputte was also in a celebratory mood: “Today marks the conclusion of a remarkable journey which has given over 20 000 Ugandans the opportunity to become owners of MTN Uganda.” 

“We are particularly proud of our digital m-IPO collaboration with the USE, an African first. More than 93% of the applications were made via the m-IPO platform, with the majority of these investors new market participants,” he added.

The listing reduces the ownership of MTN Group in MTN Uganda from 96% to 83.05%. It is in line with MTN Group’s strategic priority to create shared value, partly through ensuring broad-based ownership in all operating subsidiaries. This aligns with the Ugandan Communications Commission’s new licensing requirement for broad-based ownership by Ugandans, with a compliance deadline of mid-2022.

“With this listing, MTN Uganda becomes the Ugandan stock with the largest market

capitalisation on the USE,” said MTN Group President and CEO Ralph Mupita. “We are very encouraged to have helped facilitate the broadest possible shareholder base in Uganda, with regional participation and in so doing, further developing the equity capital markets in this country.” 


About the MTN Uganda

MTN Uganda is a leading telecoms company in Uganda with a primary objective of carrying on the business of a national operator of a telecommunications network pursuant to the NTO licence granted by the UCC. Among our offerings are network services, digital and financial technology services, interconnect and roaming, sale of mobile devices and MTN Mobile Money (which is conducted through subsidiary MTN Mobile Money Uganda Limited). MTN has a presence in all 134 districts of Uganda. Our services are delivered through a network of 119,077 Mobile Money agents, 200 service stores and 13 main distributors. At end-June 2021, MTN Uganda had 14.9 million subscribers, 8.6 million MoMo users and 4.7 million active data users.


For more information, please contact:

Rhona Arinaitwe                                                                       

Senior Manager                                                                                                                     

MTN Uganda Limited                                   


Results Of the Initial Public Offer of MTN Uganda Limited


MTN Uganda Limited

(A company incorporated in Uganda on 25 February 1998 and converted to a public limited liability company under Registration No. P.498)


SBG Securities Uganda Limited, in its capacity as Transaction Adviser and Lead Sponsoring Broker, on behalf of MTN Uganda Limited (MTN Uganda or the Company), hereby announces the results of the Initial Public Offer (the Offer) of MTN Uganda. The Offer commenced on 11 October 2021 and closed on 22 November 2021 and was conducted by way of an offer for sale of 4 477 808 848 ordinary shares with a par value of UGX 1 each in the issued share capital of the Company at an offer price of UGX 200 per share.

Results of the Offer:


Offer Shares 4 477 808 848 ordinary shares
Number of Offer Shares allocated (Sale Shares and Incentive Shares) 2 902 003 800 ordinary shares
Total number of Applicants for Offer Shares 21 394
Total Offer Proceeds UGX 535 939 900 000

Crediting of Offer Shares to SCD Accounts and Refunds:

All successful Applicants will have their SCD Accounts credited with the number of Offer Shares applied for and allocated to them on 3 December 2021. The number of Offer Shares allocated to successful Applicants will include the corresponding number of Incentive Shares that each individual Applicant is entitled to in accordance with the terms and conditions of the Offer detailed in Section 18 of the Prospectus. Unsuccessful Applicants will be notified individually and will have their Application funds refunded within 14 days from 3 December 2021.

Listing of MTN Uganda and Commencement of Trading:

All the issued shares of MTN Uganda will be listed on the Main Investment Market Segment of the USE (the Listing) on 6 December 2021. In accordance with Rule 32(7) of the USE Listing Rules 2021, the USE has granted a waiver for MTN Uganda to list on the basis of the public float attained in the IPO. Trading in MTN Uganda’s shares on the USE will commence on 6 December 2021 at 9.30 a.m.

Top Ten Shareholders:

Following the Offer and immediately prior to the Listing, the top ten shareholders of MTN Uganda are as follows:


    Shareholder Number of Issued Shares Percentage Shareholding
MTN International (Mauritius) Limited 18 594 809 664 83.05%
National Social Security Fund 1 980 000 000 8.84%
Charles Mbire 892 230 775 3.99%
National Social Security Fund – Sanlam 58 590 000 0.26%
Bank of Uganda Defined Benefits Scheme – Sanlam 42 000 000 0.19%
National Social Security Fund (Kenya) – Sanlam 39 180 225 0.18%
Duet Africa Opportunities Master Fund IC 30 000 000 0.13%
EFG Hermes Oman LLC 26 855 500 0.12%
First Rand Bank Limited 22 000 000 0.10%
Uganda Revenue Authority Staff Benefit Scheme – Sanlam 18 900 000 0.08%
Other shareholders 684 478 075 3.06%
Total 22 389 044 239 100%


Continuing Shareholder and Investor Education

MTN Uganda has created a web-based hub to provide continuing shareholder and investor education after the Listing. Additional information may be obtained at:


SBG Securities Ltd Uganda
Transaction Adviser and Lead Sponsoring Broker
Legal Adviser
Legal Adviser