MTN Uganda announces results of its IPO shares

Telecom company MTN Uganda, on Friday announced results of its Initial Public Offer (IPO) that commenced on October 11, 2021.

The offer which closed on November 22, 2021, was conducted by way of an offer for sale of 4.5 billion shares for public with each share going for Shs200.

The results announced by the telecom indicate that the number of offer shares allocated including sale shares and incentive shares stands at 2.9 billion shares.

The results further show that a total of 21394 Ugandans applied for the offer shares while total offer proceeds stand at Shs535.9 billion.

Following the offer, MTN International (Mauritius) Limited, now controls the largest number of issued shares (18.6 billion) translating into 83% of the shareholding.

National Social Security Fund (NSSF) is the second largest shareholder and Uganda’s largest with 1.9 billion issued shares, representing 8.8% of the shareholding. In the third place is Charles Mbiire who controls 892 million shares equating to 3.9% of the shareholding.

In its statement, MTN revealed that all successful applicants would have their SCD accounts credited with number of offer shares applied for and allocated to them on December 3, 2021.

“The number of Offer Shares allocated to successful Applicants will include the corresponding number of Incentive Shares that each individual Applicant is entitled to in accordance with the terms and conditions of the Offer detailed in Section 18 of the Prospectus,” MTN noted.

On the other hand, unsuccessful applicants will be notified individually and will have their Application funds refunded within 14 days from December 3, 2021.