MTN Uganda has on Monday, 6th December 2021 officially listed on the Uganda Securities Exchange (USE) after the conclusion of what the company described as a successful IPO.
MTN Uganda CEO Wim Vanhelleputte said the recently concluded IPO has made it possible for the people of East Africa to own part of the company through the purchase of the shares.
“This has been a successful journey. We put in hundreds of hours to ensure that this is a success. The success of this IPO stamps the true story of Uganda being our home,” said Vanhelleputte.
“From less than 4 percent of Ugandans who had shares in MTN, am happy to report that the more than 15 percent of Ugandans now own MTN Uganda,” he added.
The MTN CEO also said 65 percent of their employees and 100 percent of their senior managersbought shares in the company.
“We have put our skin in the game. We believe in MTN Uganda,” said Mr. Wim.
“Some people thought MTN wouldn’t succeed, but we took on the challenge and explained to people about IPO,” he added.
MTN Uganda Board Chairman Charles Mbire said the successful IPO underlies the company’s strategic growth.
“We are delighted with the successful completion of the offer. It clearly shows the confidence that Ugandans and other investors have in the company, its brand, and its strategic intent,” he said.
“We commend all the regulators for their support in our work to become a USE-listed company and to comply in a timely manner with the listing provisions of the national telecommunications operators’ licence,” he added.
Anne Juuko, the CEO of Stanbic Bank Uganda, described the MTN offer as the largest on the continent this year.
“This was the largest IPO in the continent this year. It was one of the most successful IPOs and we are grateful to all who took part in making this a success,” she said.
“At the core of this IPO was a need for having Ugandans play a bigger role. With the numbers we got, this shows a true step in sharing value,” Juuko added.
The MTN Uganda listing reduces the ownership of the MTN Group in MTN Uganda from 96% to 83.05%. It is in line with MTN Group’s strategic priority to create shared value, partly through ensuring broad-based ownership in all operating subsidiaries.
“This is one of the biggest milestones for MTN Uganda, we are truly grateful and happy about this momentous occasion,” Yolanda Cuba, Group Vice President Southern an East African region at MTN said.