Following the completion of the first public offering, MTN Uganda has achieved the 20% minimum public float required by Rule 32(7) of the Uganda Stock Exchange listing rules and the regulations of the Uganda Communications Commission.

Last month, MTN International (Mauritius) Limited, a wholly owned subsidiary of MTN, announced it will sell a portion of its investment in MTN Uganda.

The company noted that the offer was made in accordance with Uganda's regulatory licence rules.

The offer was made between May 27 and June 10, 2024, and MTN said it was done in conformity with Ugandan regulatory licence terms and, more crucially, with the telco's goal of increasing local shareholding in MTN Uganda.

Today, the telco informed shareholders: “The offer was 2.3 times oversubscribed (excluding incentive shares) and MTN Uganda has attained the 20% minimum public float required by Rule 32(7) of the Uganda Securities Exchange Listing Rules 2021 as well as the regulations issued by the Uganda Communications Commission.”

It further stated that all successful applicants had their securities central depository accounts credited with the number of sale shares allotted to them.

MTN added: “The number of sale shares allocated to successful applicants includes the corresponding number of incentive shares that each individual applicant was entitled to in accordance with the terms of the offer.

“Applicants who did not receive the full quota of Sales Shares applied for, or applicants whose applications were not successful, will have the application funds due to them refunded by 27 June 2024.”