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Press Release
MTN Uganda Limited is pleased to announce the opening of its initial public offer (IPO) of 20% of its ordinary
shares, following approvals by the Capital Markets Authority of Uganda (CMA) and the Uganda Securities
Exchange (USE).
Following the successful completion of the offer, the company will list its entire ordinary share capital on the
Main Investment Market Segment of the USE. This will meet the requirements of MTN Uganda’s licence,
which require its listing by end-June 2022.
MTN Uganda started operating in 1998. In the first half of 2021, it had 14.9 million subscribers, 8.6 million
MobileMoney users and 4.7 million active data users.
The dates noted in this announcement may be subject to change.
Anne Juuko, CEO Stanbic Bank Uganda addresses the crowd during the MTN IPO offer opening atKampala Serena Hotel today
The secondary sale of 4.4 billion shares by the MTN Group will be at an offer price of UGX200 per share. The
offer opens today, Monday 11 October 2021, and will close on Monday 22 November 2021. MTN Group
currently holds 96% of MTN Uganda.
“With the opening of the IPO we are one step closer to our goal of broad ownership of our business across the
Ugandan population,” said MTN Uganda Chief Executive Officer Wim Vanhelleputte. “Our m-IPO initiative is
the country’s first paper-free IPO platform aimed at retail investors, in partnership with the USE, and will help
position Uganda at the forefront of digitising the capital markets for Africa,” he added.
Yolanda Cuba, MTN Group Vice President for Southern and East Africa, said the IPO would give Ugandans an
opportunity to participate in the ownership of their country’s leading mobile operator and, in doing so, help
deepen Uganda’s capital markets.
Anne Juuko, CEO Stanbic Bank Uganda addresses the crowd during the MTN IPO offer opening at Kampala Serena Hotel today
“Today’s IPO is very clearly aligned with our Ambition 2025 strategic intent of leading digital solutions for
Africa’sprogress,” she said.
The offer aims to facilitate the broadest possible shareholder base in Uganda, with Ugandan Retail Investors
making Applications for Offer Shares of an aggregate minimum value of UGX 5 million to be allocated the full
number of Offer Shares for that minimum value applied for. A unique digital channel will be available to retail
investors for IPO subscription: the m-IPO portal, accessible via USSD and via the MyMTN App.Traditional
payment channels will also be available across Uganda at Stanbic Bank, Absa Bank and Standard Chartered
Bank branches and authorized selling agents.
The IPO includes a broad share incentive scheme and Ugandan retail investors in particular using the m-IPO
channel are eligible to receive 10 additional incentive shares for every 100 shares applied for and allocated
in the IPO.
Joram Ongura, CEO SBG Securities makes his remarks during the MTN IPO offer opening today at Kampala Serena Hotel
“With the opening of the IPO we are one step closer to our goal of broad ownership of our business across the
Ugandan population,” said MTN Uganda Chief Executive Officer Wim Vanhelleputte. “Our m-IPO initiative is
the country’s first paper-free IPO platform aimed at retail investors, in partnership with the USE, and will help
position Uganda at the forefront of digitising the capital markets for Africa,” he added.
Wim Vanhelleputte, CEO MTN Uganda announces the MTN IPO Offer opening at the Kampala Serena Hotel today.
Yolanda Cuba, MTN Group Vice President for Southern and East Africa, said the IPO would give Ugandans an
opportunity to participate in the ownership of their country’s leading mobile operator and, in doing so, help
deepen Uganda’s capital markets.