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MTN Uganda to Offer Additional Shares on Local Stock Market

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MTN Uganda plans to sell shares remaining from its significantly undersubscribed 2021 listing to local investors.

This move aims to expand local ownership and comply with regulatory requirements, the company announced over the weekend.

The Uganda unit of JSE-listed MTN Group has obtained regulatory approval for this additional share sale, according to a statement published in The East African newspaper.

In its initial listing three years ago, MTN Uganda aimed to sell 20% of its shares to local investors but only achieved 60% of that goal.

MTN Uganda will offer the remaining shares on the secondary market of the Uganda Securities Exchange (USE) between May 27 and June 10.

With a subscriber base of about 15 million people, MTN Uganda also provides mobile money financial services. Its main competitor in the market is the local unit of Bharti Airtel.

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