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The MTN Uganda CEO, Wim Vanhelleputte addressing the Kenyan media virtually today, following the CMA Kenya approval of the MTN IPO.

By Joel Mugabi

Kenya’s Capital Markets Authority (CMAK) has provided its ‘no objection’ for The MTN Uganda Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail Investors following the opening of the offer in Uganda on October 11, 2021.

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The marketing in Kenya is spearheaded by SBG Securities, and Dyer and Blair, both of whom are licensed market intermediaries in Kenya, working in collaboration with their respective affiliates in Uganda. SBG Securities Uganda Limited is the Transaction Advisor and Lead Sponsoring Broker for the MTN Uganda IPO and will be collaborating with SBG Securities Limited (Kenya) to market the IPO in Kenya.

The MTN Uganda IPO offers 4.4 billion ordinary shares for sale, accounting for a 20 percent stake of the company, at a price of UGX200 per share. Each prospective shareholder must apply for at least 500 shares, which, if fully allocated, results in a minimum investment of UGX100,000 per shareholder.

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Kenyan investors will require a valid identification national ID or passport to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the MTN Uganda IPO. All East Africans who apply for shares, will receive five bonus shares for every 100 shares they are allocated.

The MTN Uganda IPO will close on Monday November 22, 2021 at 4pm 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.

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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.”

MTN Uganda has now advised Kenyans interested in buying shares to access the IPO prospectus approved by the Uganda Capital Markets Authority at or contact SBG Securities (based at Stanbic Centre, Westlands Road, Nairobi) or Dyer & Blair (based at Goodman Tower off Waiyaki Way, Nairobi).  For comments on this story, call, text or whatsapp us on 0705579994 [whatsapp line], 0779411734, 0200900416 or email us





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