MTN Uganda intends to sell shares remaining from its significantly undersubscribed 2021 listing to local investors in order to enhance local ownership and adhere to regulatory mandates, it announced over the weekend.
The Uganda unit of the JSE-listed MTN Group has secured regulatory approval for the additional share sale, according to a statement by MTN Uganda published in The East African newspaper.
When it debuted on the Ugandan stock market three years ago, MTN Uganda aimed to sell 20% of its shares to local investors to meet regulatory obligations. However, it only achieved 60% of that target.
MTN Uganda stated that it would sell the shares on the secondary market of the Uganda Securities Exchange (USE) from May 27th to June 10th.
The company boasts a subscriber base of approximately 15 million individuals and provides mobile money financial services. Its primary competitor is the local branch of Bharti Airtel.
