MTN opens Uganda IPO with 4.5 billion shares on offer

MTN Uganda, the East African nation’s biggest telecommunications operator, said on Monday it had set its initial public offering price at 200 Ugandan shillings (R0.83) per share.

“The MTN IPO is officially open,” MTN Uganda CEO Wim Vanhelleputte told a news conference in Kampala, urging the Ugandan public to invest, adding that the IPO will close in six weeks.

The firm is offering 20% of its shares to the public. The total number of shares on offer is 4.5 billion, Vanhelleputte said.

A unit of South Africa’s MTN Group, the firm, which has a subscriber base of 15 million and also offers mobile money financial services, won regulatory approval last week to sell 20% of its shares to the public.  — Reported by Elias Biryabarema, (c) 2021 Reuters