MTN Uganda has announced its intention to list on the Uganda Securities Exchange (USE).
This follows the requisite approval by the Capital Markets Authority and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN Uganda to the public.
MTN Group owns 96% of MTN Uganda.
The listing is in line with the group’s strategic priority to create shared value, partly through ensuring broad-based ownership in its operating subsidiaries. It is also in line with the provisions of MTN Uganda’s NTO licence, which require its listing by end-June 2022.
“The intention to float announcement is a major step towards delivering on our plan to list on the USE,” said Charles Mbire, chairperson of the Board of Directors, MTN Uganda.
“It is a reaffirmation of our long-term commitment to expand investment opportunities for Ugandans
and we look forward to continuing our engagement with the CMA and USE to take forward the IPO and the listing.”
MTN Group Vice President for Southern and East Africa Yolanda Cuba called the planned listing a milestone.
“Over the last 23 years, the people of Uganda have embraced MTN as their own and given us the legitimacy to operate throughout this country. We are reciprocating by inviting Ugandans to share in the ownership of the success that we have built together,” Cuba said.
Humble beginnings
In 1998 with a licence in hand, MTN Uganda commenced the rollout of our infrastructure and services.
It provided affordable access to the people through a widespread voice and data network,
investing UGX3.5 trillion in infrastructure development across the 134 districts of Uganda, both
rural and urban.
The growth in mobile penetration in Uganda from 0.27% in 1998 to 67% as of March 2021 is
proof of MTN’s contribution to democratise mobile telephony.
MTN Mobile Money (MoMo) has also revolutionised the financial landscape. Formal financial
inclusion has nearly doubled from 28% in 2009 when MoMo was introduced in Uganda to 58%
as of 2018.
MTN Uganda contributes an annual average of approximately Shs 700 billion to the government
through taxes, making it probably the largest taxpayer in Uganda for the past decade.
