The Capital Markets Authority has offered ‘no objection’ for the marketing of MTN Uganda’s Initial Public Offering (IPO) in Kenya. This means MTN Uganda is allowed to market the shares to both Professional Investors and Retail Investors. The offer opened on 11th October 2021.

MTN Uganda’s marketing in Kenya is spearheaded by SBG Securities, and Dyer and Blair, who are both licensed intermediaries in Kenya. They’re working in collaboration with their respective affiliates in Uganda.

The IPO will be floating 4.4 billion ordinary shares accounting for 20% of the company at the price of UGX 200.00 (KES 6) per share. Each prospective shareholder must apply for at least 500 shares which, if fully allocated means an investment of UGX 100,000 (KES 3,150) per shareholder.

Interested Kenyan investors require a valid national ID card or Passport to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the MTN Uganda IPO.

The company promises that all East Africans who apply for shares will receive 5 bonus shares for every 100 shares they’re allocated. The MTN Uganda IPO will close on Monday 22^nd November 2021 at 4 pm EAT.

As the first telecommunications company to list on the Uganda Securities Exchange, MTN’s offer will contribute towards deepening the Ugandan and East African’s capital markets by enhancing public access to the growing stock market.

The MTN Uganda IPO prospectus approved by the Uganda Capital Markets Authority is available at www.mtn.co.ug/investors

Speaking to analysts and the media about the offer, MTN Uganda Chief Executive Officer Wim Vanhelleputte said that the decision to float shares on the stock market, is part of MTN’s localization agenda aimed at aligning its company’s priorities more closely with the development agendas of its operating markets, in particular, and the African continent, as enshrined in the MTN Ambition 2025 strategy.

“The decision to list MTN on the Uganda Securities Exchange is in line with our localization agenda aimed at prioritizing local investors with the goal of giving Ugandans and indeed East Africans the opportunity to own part of the company,” said Vanhelleputte, adding that Uganda is the fourth MTN operating market to get listed in Africa.

“During MTN’s 23 years in Uganda, we have grown tremendously, thanks to the enabling environment availed by the Government of Uganda as well as the unwavering support and trust of the people of Uganda and East Africa as a whole. We look forward to welcoming Ugandan and indeed East African retail investors as part-owners of a company that we have collectively built and that we’ll continue to grow together,” Vanhelleputte said.

Gregory Waweru, the Head of SBG Securities Kenya added that: “We welcome the opportunity to formally market the MTN Uganda IPO in Kenya, which sets a precedent in our capital market for Kenyan investors to participate in a regional cross-border offering within a structured framework. We are delighted to be part of this process, which underscores our commitment to drive the growth and development of investment opportunities available to Kenyan investors.”