MTN to fulfill license condition to sell 20% shares
MTN Uganda, Uganda’s biggest telecomunications service providers have indicated the will sell 20 percent of company’s ordinary shares by listing them on the Uganda Securities Exchange (USE) and thus allow members of the general public to own a stake in the biggest and perhaps most profitable entity , the company’s Board Chairman Charles Mbiire announced on October 5.
The Chief Executive Officer of the Capital Markets Authority Keith Kalyegira and the Chief Executive Officer (CEO) of the Uganda Securities Exchange Paul Bwiso confirmed that they have received and approved MTN’s business prospectus.
Uganda Communications Commission (UCC) Acting Executive Director Irene Kaggwa Ssewankambo said the decision by the telecom giant is a fulfillment of the obligations and commitment it made while receiving its current Operator license, which dragged for a very long time until June last year.
Nonetheless, Ssewankambo expressed optimism that the company recent good results, especially when most businesses were struggling, coupled with growth prospects, indicate that the future is bright for the telecommunications sector in Uganda.
UCC Boss Ssewankambo said: “The telecomunications sector in Uganda is still growing and is steadily becoming a strategic lynch-pin in Uganda’s development. During the Financial year 2020 – 2021, the Telecom industry gross revenue grew from UGX976bn – UGX1.11trillion – representing a 14% year on growth. It is thus a good sector to invest in as one plans for their future.”