Uganda’s biggest telecommunications firm, a unit of South Africa’s MTN Group, has launched the East African country’s first mobile phone-based stocks trading platform.
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Uganda has deported the CEO of MTN’s Ugandan subsidiary, less than a month after the East African country did the same to its chief marketing officer, its head of sales and distribution, and its head of mobile financial services.
MTN Uganda is in talks to sell an unspecified stake to the state-run National Social Security Fund that would widen local shareholding currently at only 5%, President Yoweri Museveni’s office said.
MTN Group on Wednesday confirmed reports that three senior managers have been arrested and deported by the Ugandan government.
MTN Group has boosted sales ahead of targets in the third quarter, showing its ability to grow the business even with a major regulatory spat that’s rocked shares of Africa’s largest wireless carrier.
MTN Group may list its Ugandan unit following government pressure on Africa’s biggest wireless carrier by subscribers to increase local ownership in the East African country.
MTN Group is facing pressure to list its unit in Uganda as Africa’s largest mobile phone company seeks to renew a licence in the country.
Uganda may be poised to lose some of its mobile phone companies due to a “highly saturated” voice market that’s causing some operators to halt investment, according to the country’s industry leader
Africa’s biggest mobile network MTN has been slapped with a Ugandan court order to pay $662 000 (R9,3m) in damages for alleged anticompetitive behaviour. It is understood that MTN supplied a mobile money transfer