Telecom giants MTN Uganda have announced that they have put up 4.5billion shares for the public to buy and that each share will go for shs200.
MTN Uganda last week announced its intention to list on the Uganda Securities Exchange (USE).
Consequently, the Capital Markets Authority and Uganda Securities Exchange approved MTN Group’s 20 percent offer of its shareholding in MTN Uganda to the public.
On Monday, the company provided more details on the initial public offering.
“In the last few weeks we have embarked on Uganda is home campaign. MTN has since 1998 been the first on many occasions and today we are becoming the first telecom company to proudly announce the opening of our IPO,” said MTN Uganda CEO, Wim Vanhelleputte.
He noted that this offer is open for a period of six weeks until November, 22. This is part of MTN’s efforts to democratize the stock market for Ugandans in Uganda.
“For the next six weeks all Ugandans will have an opportunity to acquire stake in this company. For as ow as shs100,000, one can become a shareholder in this company and become part of its success story in Uganda,” Vanhelleputte said of the 500 minimum shares an individual can buy.
According to the MTN Uganda CEO, members of the public can apply for shares using the ussd code, via the mobile money application or through the traditional way of using brokers.
Stanbic Bank Uganda CEO, Anne Jjuuko said the offer is only limited to people in Kenya, Uganda and Tanzania adding that the company is looking at getting shs895.5billion.
“The listing will be on the main market segment of USE. This offer is only available to those three jurisdictions. The offer size is shs895.5billion($250m). The prospectus will be pen for six weeks and at 4pm on November, 22, the offer will close. On December ,3 we will tell you who has gotten what and subscription details,”Jjuuko said.
“We will list on December ,6 at 12pm. This offer is truly for every Ugandan out there to cross from being a subscriber to an owner of MTN Uganda.”
According to officials, MTN customers have a chance to get 10 free extra shares for every 100 shares they apply for using the company’s mobile money platform.