BUDDU CHIEF RALLIES MASAKA TO EMBRACE ECONOMIC DEVELOPMENT AS MTN SENSITIZES PUBLIC ON ITS IPO
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By Joel Mugabi
Buganda’s Buddu County Chief (Pokino) has urged the people of Masaka to embrace economic development as MTN spreads awareness about how Ugandans can participate in the on-going MTN Initial Public Offering (IPO).
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Levis Sempiira, who was representing the Pokino of Buddu, lauded MTN for its support and relationship with Buganda Kingdom, encouraging the people of Masaka to take up economic opportunities to financially liberate their families.
“When economic development comes to town, we embrace and respect it. Thank you very much for canvassing the entire region sensitizing the people of Buddu and Masaka in general about the opportunity in the MTN IPO and how we can all participate,” Sempiira said.
Steven Asiimwe, the Resident City Commissioner, also saluted MTN for giving the people of Uganda an opportunity to own shares in the company.
“For 23 years, MTN has supported Uganda through tax collection. MTN is the biggest tax payer in the country, employing thousands of people and has supported the people of Uganda through its corporate social responsibility,” said Asiimwe. “I am grateful to them because these shares will enable Ugandans to develop financially. We have been complaining about profit repatriation and now this is a chance for ordinary Ugandans to also get a piece of that cake.”
Sempiira and Asiimwe were speaking at a town hall gathering organized by MTN in Masaka to sensitise the public about the stock market, particularly the MTN Initial Public Offering (IPO), with the aim of encouraging them to participate and own a stake in one of the Uganda’s largest companies.
The session, which was facilitated by representatives from MTN Uganda and senior brokers from SBG Securities and Crested Capital, is one of many meetings that have taken place across the country. Similar engagements have been held in Jinja, Mityana, Lyantonde, Apac, Lugazi and Mukono, Gulu, Kamuli, Mbarara and FortPortal, among towns.
The initiative to take the IPO closer to the people follows MTN’s announcement of the intention to list 20 per cent (4.5 billion shares) of its ordinary shares and the subsequent opening of the offer on Monday, October 11, 2021, after approvals by the Capital Markets Authority of Uganda. The offer will close on Monday, November 22, 2021.
MTN is offering shares at Shs200 per share with a minimum order quantity of 500 shares, which means Ugandans can become shareholders in MTN Uganda with an investment of as low as Shs100,000. This affordable offer of shares by MTN, coupled with the incentives, is aimed at democratizing the capital market and making it as easy as possible to apply for shares through MTN MoMo.
Addressing Ugandans at the town hall session held at Brovad Hotel on November 01, Joseph Bogera, the MTN Uganda General Manager Sales and Distribution, thanked the people of Masaka for welcoming MTN into the region, saying the on-going MTN IPO seeks to give every Ugandan the opportunity to become part owner of the country’s leading telecommunications and mobile money operator.
“In this IPO, MTN is targeting Ugandan individuals, ‘omuntu wa bulijjo [the ordinary Ugandan]’ and that is why we have come here today; to ensure that everyone is sensitized about the stock market and the MTN IPO. This session aims to equip you with the required information to apply for shares in MTN Uganda, which has also been affordably priced at a cost of UGX100,000 to enable more Ugandans to participate in the IPO,” explained Bogera.
“In addition, through its efforts to democratize and bolster Uganda’s capital market, MTN has also made the process of applying for shares easy and affordable through MTN MoMo. Applying for shares using MTN MoMo is free of any extra charges and applies to KYC compliant customers.”
Bogera went on to explain that all Ugandan individuals applying for MTN Shares through MTN MoMo (via USSD or MyMTN app) will receive an incentive of 10 bonus shares for every 100 shares applied for while people who for shares using other methods like Uganda Securities Exchange (USE) portal https://scd.use.or.ug/ or paper applications will get an incentive of five bonus shares for every 100 shares they apply. The leading telecom’s General Manager for Sales and Distribution also noted that in case of over subscription of MTN IPO, Ugandan individuals will be considered first.
The MTN IPO is the first ever m-IPO in the region, allowing individual retail investors to apply for the shares through MTN MoMo. MTN customers can apply for shares at their convenience by dialing *165*65# on their phone, first to open their SCD accounts and then apply for the MTN shares. MTN customers with smartphones can also apply through the MyMTN app.
Persons interested in applying for MTN shares can get further assistance from MTN Service Centres, Stanbic Bank branches, and the licensed brokers including SBG Securities, Crested Capital, and Dyer & Blair. More information about the MTN IPO can be found in the prospectus that is available at www.mtn.co.ug/investors.(For comments on this story, call, text or whatsapp us on 0705579994, 0779411734, 0200900416 or email us email@example.com).