NSSF BUYS INTO MTN AS RWANDAN OWNERS QUIT
By Mulengera Reporters
Rwandans have been owning up to 12% in MTN Uganda but gratefully they are finally out. All along Tri-Star Investments, which is a Kigali-based holding company, has been owning 12% shares in MTN Uganda. But according to MTN Group CEO Rob Shuter, South Africans have bought them out meaning Rwandans now won’t have more stake in MTN Uganda. Having previously bought out Telecom AB of Sweden which had 32.44% shareholding, South Africans now own MTN Uganda up to 96.45%. The remaining 3.55% belongs to Ugandan businessman Charles Mbiire. During the Wednesday meeting in Davos on the sidelines of the World Economic Forum meeting in Davos Switzerland, State House reveals that, Shuter told Museveni about advanced talks to have Richard Byarugaba’s NSSF buy significant shares in the MTN Uganda as part of preparations for the company to list on stock exchange so that South Africans can forfeit up to 30% shareholding in the company. Museveni says this will reduce public anger against foreign-owned companies MTN inclusive. During the meeting, the MTN boss owned up to some of the things the president has been complaining about and promised to ensure his team in Kampala begins treating Ugandans better. By listing on the stock exchange, MTN Uganda will join 17 other foreign-owned companies that listed earlier and between them, they account for Shs23trilion which is 24% of Uganda’s total wealth. Museveni assured Shuter that the MTN Uganda license will be renewed by UCC but under very strict conditions which the South African telecom giant will have to comply with.
