The largest Telecom Operator in Uganda, MTN Group has announced plans to float it’s shares on Uganda’s local stock exchange, a move that will see Ugandans own shares in the company and reduce influx of capital out of the country.
The development comes shortly after President Yoweri Museveni met with the groups Chairman Mcebisi Jonas. The meeting comes just days after they arrived at an internal decision to float their shares. “Now, these people have also told me of their plan to invest US$300m in network expansion in the next 3 years!”, exclaimed the President shortly after the meet.
I am very happy with the localization strategy of giving shares to Ugandans. It is very important. Ugandans (who have started waking up from sleep/ kulambaala) will now be partners in all the activities of MTN Uganda.
MTN Uganda will be only the second Telecom company listed on the exchange following in the footsteps of Kenyan giants Safaricom Ltd.
Ugandans will be able to buy the shares through local stock brokers as listed on the Capital Markets Authority website. Only licensed stock brokers are allowed to trade to prevent fraud.