MTN Group has announced a significant development today: MTN International (Mauritius) Limited, a wholly owned subsidiary of MTN, will sell a portion of its stake in MTN Uganda. This move aligns with Uganda’s regulatory requirements and MTN’s strategic goal of increasing local shareholding in the Ugandan operating company.
In a notice to shareholders on the Johannesburg Stock Exchange, MTN highlighted that the offer, which runs from May 27 to June 10, 2024, will provide an exciting opportunity for Ugandan retail and professional investors to own a stake in MTN Uganda and participate in its future growth. This initiative is part of MTN’s commitment to empowering local investors.
The offer complies with Rule 32(7) of the Uganda Stock Exchange Listing Rules, which includes a waiver from the Uganda Stock Exchange based on the 12.97% public float achieved during the initial public offering. This compliance underscores MTN’s dedication to adhering to regulatory standards and promoting transparency.
MTN emphasized that this offer aligns with the company’s national telecoms operator licence, the National Broadband Policy 2018, and the Uganda Communications Commission’s regulations. This ensures that the offer is not only strategic but also legally sound and beneficial for the broader telecom sector in Uganda.
The group is particularly focused on providing Ugandan retail and professional investors, including MTN Uganda’s customers, with a chance to own a stake in the company. This initiative aims to foster greater local participation and investment in Uganda’s telecom industry, contributing to its sustained growth and development.
Eligible investors, including individuals and professional investors from Uganda, East Africa, and beyond, can purchase the available shares. MTN has set a minimum application requirement of 1,400 sale shares, with subsequent applications to be in multiples of 420 sale shares. This structured approach ensures accessibility while promoting widespread investment opportunities.
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