The Capital Markets Authority has approved MTN Uganda's Initial Public Offering (IPO) for marketing in Kenya, allowing the company to solicit investments from both professional and retail investors. The offering, which opened on October 11, 2021, will close on November 22, 2021, at 4 pm EAT.
SBG Securities and Dyer and Blair, licensed Kenyan intermediaries, are managing the IPO in collaboration with Ugandan affiliates. The offering involves 4.4 billion ordinary shares at UGX 200 (KES 6) per share, requiring a minimum investment of 500 shares (UGX 100,000 or KES 3,150) per applicant.
Kenyan investors must open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply. The IPO includes a bonus share structure, offering five additional shares for every 100 allocated. This marks MTN Uganda's first listing on the Ugandan stock exchange, aligning with its localization strategy under the MTN Ambition 2025 framework.
MTN Uganda CEO Wim Vanhelleputte emphasized the initiative's role in strengthening ties with East African markets. "This listing prioritizes local investors, offering Ugandans and East Africans ownership opportunities in a company they have helped build," he stated. Gregory Waweru of SBG Securities highlighted the regional significance of the cross-border offering.
