Airtel Uganda has applied to the Uganda Communications Commission (UCC) for an extension of one year to the 15 December 2022 deadline to list on the Uganda Stock Exchange (USE).

The company officially applied on 5 April this year, according to its financial report for the period ended 31 March 2022, but gave no reasons for the request.

Under the country’s National Telecom Operator (NTO) licence, the company is obliged to comply with the sector policy, regulations and guidelines requiring the listing of part of its shares on the USE.

It is also a requirement of the Capital Market Authority (CMA) that all foreign-owned telecommunications companies to list 20% of their shares on USE according to its 2021-2025 realigned Strategic Development Plan.

Under the new licencing regime, service providers have to guarantee the listing of shares on USE as well as network coverage to at least 90% of the geographical location of Uganda within five years from the effective date of the licence.

The company said, “The current Uganda Communications Regulations 2020, creates a public listing obligations for all NTOs licencees and specifies that 20% of the shares of the operator must be listed within two years of the date of the effective date of the licence. We have applied to the UCC for an extension on the deadline.”

In March this year, Airtel Uganda managing director Manoj Murali said plans were underway to list part of the company’s equity by the end of this year.

Murali told the local NTV, “We will be listing in Uganda stock exchange most probably by December 2022.”

Recently, CMA CEO Keith Kalyegira said consultations to list Airtel Uganda shares on the local bourse had started.

The country’s largest operator MTN Uganda with 15 million subscribers was the first operator to list on the local burse last year.

Airtel Uganda is the country’s second largest operator with 10 million subscribers.