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                                                          

Rhona.Arinaitwe@mtn.com                                                                   

MTN Uganda Limited                                   

 

MTN Uganda Limited is pleased to announce the opening of its initial public offer (IPO) of 20% of its ordinary shares, following approvals by the Capital Markets Authority of Uganda (CMA) and the Uganda Securities Exchange (USE).

The secondary sale of 4.4 billion shares by the MTN Group will be at an offer price of UGX200 per share. The offer opens today, Monday 11 October 2021, and will close on Monday 22 November 2021. MTN Group currently holds 96% of MTN Uganda.

“With the opening of the IPO we are one step closer to our goal of broad ownership of our business across the Ugandan population,” said MTN Uganda Chief Executive Officer Wim Vanhelleputte. “Our m-IPO initiative is the country’s first paper-free IPO platform aimed at retail investors, in partnership with the USE, and will help position Uganda at the forefront of digitising the capital markets for Africa,” he added.

Yolanda Cuba, MTN Group Vice President for Southern and East Africa, said the IPO would give Ugandans an opportunity to participate in the ownership of their country’s leading mobile operator and, in doing so, help deepen Uganda’s capital markets.

“Today’s IPO is very clearly aligned with our Ambition 2025 strategic intent of leading digital solutions for Africa’s progress,” she said.

The offer aims to facilitate the broadest possible shareholder base in Uganda, with Ugandan Retail Investors making Applications for Offer Shares of an aggregate minimum value of UGX 5 million to be allocated the full number of Offer Shares for that minimum value applied for. A unique digital channel will be available to retail investors for IPO subscription: the m-IPO portal, accessible via USSD and via the MyMTN App. Traditional payment channels will also be available across Uganda at Stanbic Bank, Absa Bank and Standard Chartered Bank branches and authorized selling agents.

The IPO includes a broad share incentive scheme and Ugandan retail investors in particular using the m-IPO channel are eligible to receive 10 additional incentive shares for every 100 shares applied for and allocated in the IPO.

Following the successful completion of the offer, the company will list its entire ordinary share capital on the Main Investment Market Segment of the USE. This will meet the requirements of MTN Uganda’s licence, which require its listing by end-June 2022.

 

 

MTN Uganda started operating in 1998. In the first half of 2021, it had 14.9 million subscribers, 8.6 million Mobile Money users and 4.7 million active data users.

The dates noted in this announcement may be subject to change.

 

About 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 Corporate communication Rhona.Arinaitwe@mtn.com