Kenya’s Capital Markets Authority (CMAK) has cleared MTN Uganda’s Initial Public Offering (IPO) for marketing to Kenyan investors, enabling access for both professional and retail participants following the deal’s launch in Uganda on October 11, 2021.
The Kenya campaign is being managed by SBG Securities and Dyer and Blair, licensed intermediaries collaborating with Ugandan affiliates. SBG Securities Uganda Limited serves as the transaction advisor and lead broker, coordinating with its Kenyan counterpart to promote the offering.
The IPO offers 4.4 billion ordinary shares at UGX 200 per share, representing a 20% stake in MTN Uganda. Investors must apply for a minimum of 500 shares, requiring a UGX 100,000 investment. Kenyan applicants need a national ID or passport to open a Securities Central Depository account at the Uganda Securities Exchange.
East African applicants will receive 5 bonus shares for every 100 allocated. The offering closes on November 22, 2021, at 4 pm EAT. MTN Group’s CEO Wim Vanhelleputte emphasized the listing aligns with the company’s localization strategy under its 2025 ambitions, aiming to deepen East African capital markets.
"This move prioritizes local investors, offering Ugandans and East Africans ownership opportunities in a company they’ve helped build," Vanhelleputte stated. MTN Uganda, operational in the region for 23 years, cited government support and public trust as key to its growth.
