Kenya’s Capital Markets Authority (CMAK) has provided its ‘no objection’ for The MTN Uganda Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail Investors following the opening of the offer in Uganda on 11^th October 2021.

The marketing in Kenya is spearheaded by SBG Securities, and Dyer and Blair, both of whom are licensed market intermediaries in Kenya, working in collaboration with their respective affiliates in Uganda. SBG Securities Uganda Limited is the Transaction Advisor and Lead Sponsoring Broker for the MTN Uganda IPO and will be collaborating with SBG Securities Limited (Kenya) to market the IPO in Kenya.

The MTN Uganda IPO offers for sale 4.4 billion ordinary shares, accounting for a 20 percent stake of the company, at a price of UGX 200.00 per share. Each prospective shareholder must apply for at least 500 shares, which, if fully allocated, results in a minimum investment of UGX 100,000 per shareholder.

Kenyan investors will require a valid identification national ID or passport to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the MTN Uganda IPO.  All East Africans who apply for shares, will receive 5 bonus shares for every 100 shares they are allocated. The MTN Uganda IPO will close on Monday 22^nd November 2021 at 4pm EAT.

As the first telecommunications company to list on the Uganda Securities Exchange, MTN’s offer will contribute towards deepening the Ugandan and East African’s capital markets by enhancing public access to the growing stock market.

Speaking to analysts and the media about the offer, MTN Uganda Chief Executive Officer Wim Vanhelleputte said that the decision to float shares on the stock market, is part of MTN’s localization agenda aimed at aligning its company’s priorities more closely with the development agendas of its operating markets, in particular and the African continent, as enshrined in the MTN Ambition 2025 strategy.

“The decision to list MTN on the Uganda Securities Exchange is in line with our localization agenda aimed at prioritizing local investors with the goal of giving Ugandans and indeed East Africans the opportunity to own part of the company,” said Vanhelleputte, adding that Uganda is the fourth MTN operating market to get listed in Africa.

“During MTN’s 23 years in Uganda, we have grown tremendously, thanks to the enabling environment availed by the Government of Uganda as well as the unwavering support and trust of the people of Uganda and East Africa as a whole. We look forward to welcoming Ugandan and indeed East African retail investors as part-owners of a company that we have collectively built and that we’ll continue to grow together,” Vanhelleputte said.

Gregory Waweru, the Head of SBG Securities Kenya added that: “We welcome the opportunity to formally market the MTN Uganda IPO in Kenya, which sets a precedent in our capital market for Kenyan investors to participate in a regional cross-border offering within a structured framework. We are delighted to be part of this process, which underscores our commitment to drive the growth and development of investment opportunities available to Kenyan investors.”

MTN Uganda IPO prospectus approved by the Uganda Capital Markets Authority is available at www.mtn.co.ug/investors .

Kindly contact SBG Securities or Dyer & Blair in case of any queries:

About the MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator with a clear vision to lead the delivery of a bold new digital world to our 240 million customers in 21 countries in Africa and the Middle East. We are inspired by our belief that everyone deserves the benefits of a modern connected life. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code “MTN”. We are pursuing our Ambition 2021 strategy with a major focus on growth in data, fintech and digital businesses.

About MTN Uganda

MTN Uganda is a leading telecommunications company in Uganda with a primary objective of carrying on the business of a national operator of a telecommunications network pursuant to the National Telecommunications Operator (NTO) license granted by the Uganda Communications Commission (UCC). Among our offerings are network services, digital and financial technology services, interconnect and roaming, sale of mobile devices and MTN Mobile Money (through its subsidiary MTN Mobile Money Uganda Limited). MTN has a presence in all 134 districts of Uganda. Our services are delivered through a network of 119,077 Mobile Money agents, 200 service stores and 13 main distributors. At end of June 2021, MTN Uganda had 14.9 million subscribers, 8.6 million MoMo users and 4.7 million active data users. Visit us at www.mtn.co.ug or follow us on www.youtube.com/mtnug and

www.twitter.com/mtnug or www.twitter.com/mtnugpro for assistance.

For more information, please contact: 

InvestorRelations.UG@mtn.com