MTN Uganda Limited Successfully Completes Secondary Market Share Offer
By John Kusolo
MTN Uganda Limited proudly announces the successful completion of its secondary market share offer, marking a significant milestone in its ongoing commitment to broadening local ownership and fostering deeper engagement within the Ugandan capital market. The remarkable oversubscription of the offer underscores the robust confidence and the promising potential seen by investors in Uganda's equity markets.
A Testament to Uganda's Capital Market
The oversubscription of MTN Uganda's share offer highlights the depth and maturity of the Ugandan capital market. It reflects the increasing appetite among local investors to participate in the growth and prosperity of major corporations operating within the country. This milestone aligns seamlessly with MTN’s shared value philosophy, which emphasizes expanding local ownership and fostering inclusive economic growth.
Charles Mbire, Chairman of MTN Uganda, expressed his satisfaction with the outcome: "With the successful completion of our secondary offer, we're well-positioned to meet our public float requirements and deepen our impact in the Ugandan equity capital markets. We extend our gratitude to the Government of Uganda, regulatory bodies, shareholders, and our dedicated team for their unwavering support."
Rewarding Investors: Dividend Announcement
Sylvia Mulinge, CEO of MTN Uganda, highlighted the company’s commitment to delivering consistent returns to its shareholders. "MTN Uganda Limited has paid a consistent dividend to shareholders, a feat we are proud of. Our old investors on the register and our new investors who participated in the offer are eligible for our 7th dividend payment worth UGX 143 billion, translating to UGX 6.4 per share, which will be paid by 25th June 2024," she announced.
Acknowledging Stakeholders
The success of the share offer was made possible through the concerted efforts and support of various stakeholders. Mulinge expressed heartfelt gratitude to all involved, including the Ministry of Information and Communications Technology (@MoICT_Ug), Uganda Communications Commission (@UCC_Official), Capital Markets Authority of Uganda (@CmaUganda), Uganda Securities Exchange (@USEUganda), and the stock brokerage community. Special thanks were extended to the transaction advisors @stanbicug, the lead sponsoring broker @SbgSecuritiesug, the legal advisors @SL_Advocates, and MTN management for their pivotal roles in facilitating this achievement.
In particular, Mulinge recognized the invaluable support of Ugandan investors, many of whom are loyal MTN customers. "We further express our gratitude to all stakeholders, especially Ugandan investors, who participated in this offer. Your remarkable support has been crucial in this journey," she stated.
Looking Ahead
The completion of the secondary market share offer marks a new chapter for MTN Uganda as it continues to strengthen its presence in the local market and deliver value to its shareholders. The company remains committed to its vision of fostering economic growth and delivering innovative telecommunications solutions that meet the needs of Ugandans.
As MTN Uganda gears up for the upcoming dividend payment, the company reassures its shareholders of its continued dedication to maintaining strong financial performance and creating sustainable value.
For more information, please visit MTN Uganda’s official website or follow their official social media handles for the latest updates.
About MTN Uganda Limited
MTN Uganda Limited is a leading telecommunications company in Uganda, providing a wide range of services, including voice, data, digital, and financial solutions. Committed to driving digital and financial inclusion, MTN Uganda continues to innovate and invest in infrastructure to deliver exceptional customer experiences and support the socio-economic development of Uganda.
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