MTN Uganda opens IPO with new m-IPO subscription channel

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

MTN Deepens its Roots in Uganda as it Restores 220 Hectares of Forest Cover

  • MTN has embarked on an ambitious project of restoring 220 hectares of forest cover as it further deepens its roots in Uganda, in preparation of the company listing 20% of its shares on the Uganda Stock Exchange, an opportunity for Ugandans to own a part of MTN.


  • The reforestation project that shall restore forest cover in 5 Central Forest Reserves (CFRs) in 5 districts across the country is part of a bigger MTN campaign dubbed “Uganda is Home”, which celebrates the relationship that MTN Uganda has with the people of Uganda.


  • The reforestation initiative as well as the overall “Uganda is Home” campaign is a recommitment of MTN to the people of Uganda that the company will continue to invest in the socio-economic well-being of the country besides its business operations.

MTN Uganda, the country’s leading techco (Technology-led company), has today launched a nationwide forest restoration project to symbolise the deepening of its roots in Uganda, a country that has been home to the company since 1998.

Themed “Uganda is Home” this initiative is in preparation of MTN Uganda listing 20% of its shares on the Uganda Stock Exchange, an opportunity for Ugandans to own a part of the company.

Launched today at Kyewaga Central Forest Reserve in Entebbe, the MTN reforestation project, that is being undertaken in partnership with the National Forestry Authority, wiil see the company restore 220 hectares of forest cover in five Central Forest Reserves (CFRs) across the country.

These include Barifa CFR in Arua, Kagombe CFR in Kibaale, Jubiya CFR in Masaka and Ogera Hills CFR in Serere district. The month-long reforestation project will see 220 hectares of forest cover restored across the country, with every 10 hectares symbolizing one year of MTN’s existence in Uganda so far.

The MTN forest restoration project is the but one of the many initiatives that the company has undertaken over the years to strengthen its relationship with a country that it calls home. It is also a recommitment by the company to play its part in the development of its home, Uganda as envisaged by MTN’s business model that suggests that businesses can only thrive when the communities within which they operate are thriving.

To this effect, MTN has over the years made several Corporate Social Investments in areas of health, education, sports, music and arts among others as a way of supporting communities to thrive in order to create a win-win situation for both the business as well as the citizens of Uganda through its corporate social responsibility arm, the MTN Foundation.

Key among MTN’s corporate social investments is the refurbishment and re-equipment of over 30 health center IIIs across the country to support the government’s strides towards the attainment of Sustainable Development Goal Number 3 which calls for health and well-being for all. Furthermore, through the MTN Kampala Marathon, the company has been raised funds that have been sunk into health and wellness projects in various communities across the country for the last 17 years.

MTN has also worked with the PEAS (Promoting Equality in African Schools) organization to construct classroom blocks in 10 secondary schools located in hard-to-reach areas in order to champion access to affordable secondary school education. This project alone created space for close to 2000 learners in the schools.

Most recently, MTN has been instrumental in complementing the government’s efforts towards combatting the spread of the deadly corona virus as well as supporting communities cope with the harsh effects of the pandemic. MTN has so far injected over 2 billion shillings in the fight against Corona Virus in Uganda. MTN donated 3 brand new pickups to the National Covid Task Force, partnered with National water and sewerage cooperation to provide clean safe water to the people in water hardened areas to promote hand-washing as a preventive measure towards the spread of the virus, partnered with the Uganda Red Cross Society to monitor SOPs in high traffic areas such as the national borders and markets among others. These initiatives were further complemented by interventions such as the scrapping of MoMo transaction fees, supporting the ministry of health with its call-center infrastructure as well as zero-rating e-learning sites to enable students to carry on with their studies as schools were closed, among others.

Like the reforestation project, all the above activities demonstrate MTN’s long-term commitment as a responsible corporate citizen in Uganda over the years.

Speaking at the forest restoration launch today at the Kyewaga Central Forest Reserve in Entebbe, where MTN restored the first 20 hectares of forest cover, Wim Vanhelleputte, the MTN Chief Executive Officer said that MTN Uganda has over the years established its roots in Uganda and that the reforestation project was purely a symbolism of the company deepening its roots in a country that has become home in preparation of MTN Uganda listing 20% of its shares on the Uganda Stock Exchange.

“When the government of Uganda granted us our second operating license in 2020, part of the agreements was that MTN would list on the Uganda Securities Exchange by 2022. To MTN , this is a very welcome step because listing on the Uganda Securities Exchange means that Ugandans will also now share a part of the company.

He further noted that Uganda has been and continues to be a good home to MTN. It is for this reason that MTN has closely worked with the government to complement its efforts in various sectors such as Health, Education, Youth Skilling and ICT, among others.

In his remarks, Tom Obong Okello, the Executive Director of the National Forestry Authority lauded MTN for supporting the government in reinstating forest coverage in the country.

“This is one of the single biggest investments into the sector by any corporate organization so far, we are certain of the tremendous positive impact on the local communities and the entire country”, said Okello.

The “Uganda is Home” campaign comes shortly after MTN Uganda hit a milestone of 15 million subscribers, further deepening its roots in the country as the leading telecom company of choice.

MTN is committed to investing further to serve its ever-growing customer base diligently and to supporting the government’s efforts towards the socio-economic development of the Uganda.