City businessman Charles Mbire has acquired more shares in MTN.

The transaction was confirmed by a source in Stanbic bank who didn’t want to be revealed because she lacks authority to speak for the bank.

“It is true Mr. Mbire has bought more shares but wait for details in the statement we are about to issue,” she said.

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Mbire who is also the board chairman of MTN previously held 4 per cent of the total MTN shares. MTN launched Initial Public Offer of 4.4 billion shares to the Ugandan market last year after floating 20 per cent shares on Uganda Securities Exchange. 

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