By Mulengera Reporters
The Buganda Kingdom has demonstrated its unwavering commitment to the Kingdom’s economy and cooperation with key market players by undertaking a substantial investment in Airtel Uganda’s Initial Public Offering (IPO). This move signifies the enduring strategic partnership between the Buganda Kingdom and Airtel Uganda, while also seizing opportunity to participate in Uganda’s thriving telecommunications sector.
Naturally this enthusiasm by one of Uganda’s most influential Kingdoms has excited top executives at Airtel Uganda. “Today marks a momentous day in the enduring partnership between Airtel Uganda and Buganda Kingdom. This decade-long collaboration has enjoyed the support and belief of His Majesty,” excitedly declared Manoj Murali the Managing Director of Airtel Uganda.
He unveiled Airtel Uganda’s IPO, offering 8 billion existing ordinary shares, equivalent to 20% of the company. This initiative aims at expanding the ownership of Airtel Uganda among Ugandan investors, enabling them to have a stake in the company.
A key partner to Buganda Kingdom since 2014, Airtel Uganda has been a crucial enabler in driving transformative initiatives including the annual Kabaka Birthday Run, which is Africa’s largest cultural sporting event, the Masaza Cup Tournament, Eid Celebrations and various community engagement activities that positively impact the lives of people in Buganda and beyond.
The Katikiro of Buganda, Owek. Charles Peter Mayiga commended Airtel Uganda for their steadfast support of the Kingdom’s initiatives particularly the resounding success of the Kabaka Birthday Run. The Katikkiro encouraged the public to take part in the Airtel IPO and stressed the importance of making informed investment decisions. He advised: “Be a smart investor by acquiring shares in publicly listed companies. With the company’s growth, the shares will appreciate.”
He further explained that earnings from shares are “hassle-free” compared to traditional ventures such as operating salons, matatus, or rentals emphasizing that shares present an investment where others work for you. Owek. Charles Peter Mayiga further demonstrated confidence in Airtel Uganda by pledging to procure 2 million shares on behalf of the Buganda Kingdom.
Robert Baldwin, CEO of Crested Capital, the lead sponsoring broker, commended the Kingdom’s investment acknowledging that it would yield substantial future benefits for the Kingdom. He stated: “We are delighted to see the Kingdom of Buganda announcing the acquisition of 2 million shares. This represents a significant investment of Ugx 200 million which will earn the Kingdom an additional 100,000 incentive shares as part of the Initial Public Offer.” (For comments on this story, get back to us on 0705579994 [whatsapp line], 0779411734 & 041 4674611 or email us at [email protected]).
