Museveni Hails MTN’s Plan To List On Stock Exchange

Posted by: Kyeyune Andrew Jonathan in Business October 8, 2021

Mobile telecommunications company MTN recently shared its plan to list in Uganda’s stock exchange. It said it will allow Ugandans and Africans to be partners in the company’s activities, an idea the president of Uganda hailed.

On Wednesday, a meeting between Mr. Museveni and MTN officials happened at State House.

The president thanked the MTN leadership led by the board chairperson, Mr. Mcebisi Hubert Jonas, for their plan to list in the Uganda Stock Exchange and expand services to rural areas.

On Tuesday, the company announced its intentions to proceed with an initial public offer (IPO) and subsequently list on the Uganda Securities Exchange (USE).

‘’Localization is very important. It removes nationalism in business where all people become partners,’’ Mr. Museveni said in a statement.

Shortly after its announcement, the Capital Markets and USE approved MTN Group’s 20% offer of its shareholding in MTN Uganda to the public.

MTN Group owns 96% of MTN Uganda. According to the press release, Mr. Mcebisi informed the president that besides their commitment to stay in Uganda, they are set to invest $300m in the next three years.

He also said they will contribute toward the purchase of Covid-19 vaccines in the country.

Apparently, MTN has made tremendous progress in its localization strategy to see Ugandans acquire shares in MTN.

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