In a significant move towards deepening local participation in Uganda’s capital markets, MTN Uganda announced the successful completion of its secondary market share offer. The offer, which concluded on June 10, 2024, was met with overwhelming investor enthusiasm, resulting in an oversubscription.
This milestone follows MTN Uganda’s initial public offering (IPO) in 2021, which was the largest in the country’s history. The secondary offering reinforces the company’s commitment to localization and broadening local ownership. With approximately 19,600 Ugandan investors now holding shares in MTN Uganda, the company has made significant strides in achieving its goal of a 20% public float by the end of 2024.
The CEO expressed gratitude to the government, regulators, and the MTN Uganda team for their unwavering support, stating, “This achievement is a testament to the collective efforts of all stakeholders. We are proud to have facilitated the broadest possible shareholder base in Uganda and contributed to the development of the equity capital markets.”
The secondary offering is expected to further bolster MTN Uganda’s position as a leading player in the telecommunications sector. The company’s commitment to innovation, digital inclusion, and social development has resonated with investors, leading to strong investor confidence.
MTN Uganda’s journey since its inception in 1998 has been marked by significant milestones, including the expansion of network coverage, introduction of groundbreaking mobile financial services, and the launch of commercial 5G services in Uganda. The company’s focus on creating shared value and contributing to Uganda’s socio-economic development has solidified its position as a trusted partner in the country’s growth story.
As MTN Uganda celebrates 25 years of operation, the successful secondary offering marks a new chapter in its journey. With a broader shareholder base and renewed investor confidence, the company is well-positioned to continue driving innovation, expanding its reach, and contributing to Uganda’s digital transformation.
While the final results of the offer are pending confirmation, the preliminary results indicate a positive outcome, further solidifying MTN Uganda’s commitment to localization and shared growth. The company’s success story is a testament to the potential of the Ugandan market and the power of collaboration between the public and private sectors.
Key Takeaways:
- MTN Uganda’s secondary market share offer was oversubscribed, reflecting strong investor confidence.
- The offering attracted approximately 19,600 Ugandan investors, broadening local ownership.
- The company aims to achieve a 20% public float by the end of 2024.
- MTN Uganda’s commitment to innovation, digital inclusion, and social development has been instrumental in its success.
- The company’s 25-year journey is marked by significant milestones, including network expansion, mobile financial services, and 5G launch.
- The successful secondary offering reinforces MTN Uganda’s position as a key player in the telecommunications sector and a trusted partner in Uganda’s growth story.
