Sylvia Mulinge, CEO, MTN Uganda.

MTN Group stated today that MTN International (Mauritius) Limited, a wholly-owned subsidiary of MTN, will sell a portion of its stake in MTN Uganda.

The business stated that the offer is being made in conformity with Uganda's regulatory licence terms and with MTN's goal of increasing local shareholding in the Ugandan operating company.

In a notice to shareholders on the Johannesburg Stock Exchange, the telco said: “The offer, although open to investors more broadly, will provide an opportunity for Ugandan retail and professional investors to own a stake in MTN Uganda and participate in its future growth.”

The offer will be valid from 27 May 27 to 10 June, 2024.

MTN noted that in accordance with Rule 32(7) of the Uganda Stock Exchange Listing Rules, the USE issued a waiver for the firm to list on the exchange based on the 12.97% public float achieved in the first public offering.

Furthermore, MTN stated that the offer is being made in accordance with the company's national telecoms operator licence, the National Broadband Policy 2018, and the Uganda Communications Commission's laws.

The group added that it is providing an opportunity for Ugandan retail and professional investors, including MTN Uganda's customers, to own a stake in the company and contribute to, and benefit from, its future growth.

MTN stated that individual investors, as well as Ugandan, East African, and international professional investors, are eligible to purchase the available shares. However, MTN has specified that an application must include a minimum of 1,400 sale shares.

“Applications for greater than this minimum must be in multiples of 420 sale shares with no limit on the number of sale shares that a qualifying investor can apply for,” said the telco.