MTN Uganda is reaching out to Kenyan investors for its Initial Public Offering (IPO), which aims to raise $250 million.
According to MTN Uganda, the IPO has received a 'no objection' from Kenya's Capital Markets Authority (CMA), allowing the marketing of shares to both professional and retail investors in Kenya.
The IPO, which opened on October 11, 2021, is open to Kenyan and Ugandan investors, as well as citizens of other East African Community member states.
Investors can apply for shares through SBG Securities, a subsidiary of South Africa's Stanbic Holdings Plc, and Dyer and Blair, the lead retail broker.
Each investment is pegged at a minimum of 500 shares, which, if fully allocated, results in a minimum investment of Sh3,137.
Kenyan investors will require a valid identification national ID or passport to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the MTN Uganda IPO.
South Africa's MTN Group is selling 4.47 billion shares, or a fifth of its stake in its Ugandan subsidiary, to investors at a price equivalent to Sh6.2 (Ush200) apiece.
As an added incentive, all East Africans who apply for shares will receive 5 bonus shares for every 100 shares they are allocated.
