MTN Uganda reported on Monday a 6.6% jump in pre-tax profit for 2021, helped by higher data sales and faster uptake of its fintech services.
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MTN Group said the initial public offering of its Ugandan unit raised USh535.9-billion, less than two-thirds of its target.
MTN Uganda has set its initial public offering price at 200 Ugandan shillings (R0.83) per share.
MTN Uganda’s initial public offering is expected to raise about R18-billion, the country’s Capital Markets Authority said on Tuesday.
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.
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.