MTN Uganda’s initial public offering is expected to raise about US$1.2-billion (R18-billion), Keith Kalyegira, CEO of the East African country’s Capital Markets Authority said on Tuesday.
This came after MTN Group’s Uganda subsidiary said it had secured regulatory approval to list 20% of its shareholding on the local bourse.
The firm has a subscriber base of 15 million and also offers mobile money financial services.
MTN Group vice president for Southern and East Africa Yolanda Cuba said the company plans to invest a trillion shillings (R4.2-billion) over the next three years to expand coverage and access in Uganda. — Reported by Elias Biryabarema, (c) 2021 Reuters