On the 13th June 2024, MTN Uganda announced the successful completion of its secondary market share offer, which garnered an exceptional 230% subscription rate. This robust response signifies strong investor confidence in MTN Uganda’s future prospects and the Ugandan telecommunications sector as a whole.
The 230% subscription rate surpasses all expectations and reflects MTN Uganda’s consistent track record of growth and profitability. The offer’s success highlights investor recognition of the attractiveness of the Ugandan telecommunications market and the value proposition MTN Uganda presents and follows the company’s successful initial public offering (IPO) in 2021, the largest in Ugandan history.
The Chairman, MTN Uganda, Mr. Charles Mbire said that I am delighted to welcome you all to today’s symbolic “Ring-the-Bell” ceremony. On this occasion, we celebrate the successful completion of MTN Uganda’s special offer of shares on the secondary market of the Uganda Securities Exchange. This secondary market offer started on 27 May 2024 and closed on 10 June 2024.
“Today, we gather to announce the results the offer and mark the resumption of trading in MTN Uganda’s shares following the suspension of the MTN Uganda trading counter during the offer period.” Said Mr. Charles Mbire.
He noted that, as always, it is our distinct honour and privilege to have you all here. Your presence here today signifies the support and faith you have in MTN Uganda, and the impactful journey that we are taking on together.
“Our journey began in 1998 with a vision to not only transform the telecommunications sector in Uganda, but to also change the lives of the people in our communities by improving digital access, driving financial inclusion and enhancing social development.” He continued.
The CEO, Uganda Securities Exchange, Mr. Paul Bwiso thanked Capital Market Authority of Uganda and Uganda Securities Exchange for the support granted in this process. He continued to say that On the 6th December, 2021, MTN Uganda was listed on the Main Investment Market Segment of the USE following an IPO and the company was granted a waiver to list on the exchange based on the 12.97% public float attained in the IPO offer.
The oversubscribed offer not only translates to a commercial achievement but also signifies a deepened public ownership structure for MTN Uganda. This aligns with the company’s commitment to localization and broadening investor participation. The additional capital secured will empower MTN Uganda to further invest in network expansion, innovative services, and contribute meaningfully to Uganda’s digital transformation journey.
MTN Uganda extends its sincere gratitude to all investors who participated in this landmark offer. The company remains committed to delivering exceptional value to its shareholders and playing a leading role in propelling Uganda’s economic growth.