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MTN Uganda Limited announces that it will proceed today with the listing of its  22.4 billion ordinary shares on the Uganda Securities Exchange (USE), with trading commencing immediately.

The listing has received the requisite approvals from the Capital Markets Authority in Uganda and the USE. It follows the successful completion of the largest initial public offering in Uganda’s history, raising a record UGX535 billion from applications for 2.9 billion shares (including incentive shares).

“We are delighted with the successful completion of the offer. It clearly shows the confidence that Ugandans and other investors have in the company, its brand and its strategic intent,” said MTN Uganda Chairman Mr. Charles Mbire.

“We commend all the regulators for their support in our work to become a USE-listed company and to comply in a timely manner with the listing provisions of the national telecommunications operators’ licence,” he added.

MTN Uganda CEO Wim Vanhelleputte was also in a celebratory mood: “Today marks the conclusion of a remarkable journey which has given over 20 000 Ugandans the opportunity to become owners of MTN Uganda.”

“We are particularly proud of our digital m-IPO collaboration with the USE, an African first. More than 93% of the applications were made via the m-IPO platform, with the majority of these investors new market participants,” he added.

The listing reduces the ownership of MTN Group in MTN Uganda from 96% to 83.05%. It is in line with MTN Group’s strategic priority to create shared value, partly through ensuring broad-based ownership in all operating subsidiaries. This aligns with the Ugandan Communications Commission’s new licensing requirement for broad-based ownership by Ugandans, with a compliance deadline of mid-2022.

“With this listing, MTN Uganda becomes the Ugandan stock with the largest market capitalisation on the USE,” said MTN Group President and CEO Ralph Mupita. “We are very encouraged to have helped facilitate the broadest possible shareholder base in Uganda, with regional participation and in so doing, further developing the equity capital markets in this country.”


MTN Uganda is pleased to announce our intention to proceed with an initial public offer (IPO) and subsequently list on the Uganda Securities Exchange (USE).  This follows the requisite approval by the Capital Markets Authority and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN Uganda to the public. MTN Group owns 96% of MTN Uganda.

The listing is in line with the Group’s strategic priority to create shared value, partly through ensuring broad-based ownership in its operating subsidiaries. It is also in line with the provisions of MTN Uganda’s NTO licence, which require its listing by end-June 2022.

“The intention to float announcement is a major step towards delivering on our plan to list on the USE,” said Charles Mbire, Chairperson of the Board of Directors, MTN Uganda. “It is a reaffirmation of our long-term commitment to expand investment opportunities for Ugandans and we look forward to continuing our engagement with the CMA and USE to take forward the IPO and the listing.”

MTN Group Vice President for Southern and East Africa Yolanda Cuba called the planned listing a milestone: “Over the last 23 years, the people of Uganda have embraced MTN as their own and given us the legitimacy to operate throughout this country. We are reciprocating by inviting Ugandans to share in the ownership of the success that we have built together.”

In 1998, licence in hand, MTN Uganda commenced the rollout of our infrastructure and services. We provided affordable access to the people through a widespread voice and data network, investing UGX3.5 trillion in infrastructure development across the 134 districts of Uganda, both rural and urban. To facilitate universal access, we continue to contribute 2% of our gross annual revenue to the Uganda Communication Commission.

Over the years, MTN Uganda has prioritised the expansion of rural coverage. We currently cover 97% of the country’s population and have over 6,000km of fibre connectivity to provide the voice and data bandwidth that connects more than 15 million subscribers not only within the country but also across the world.

The growth in mobile penetration in Uganda from 0.27% in 1998 to 67% as of March 2021 is proof of MTN’s contribution to democratise mobile telephony. The fruits of this are evident in the widespread adoption of key technology platforms powered by high-speed connectivity, which enable the creation, distribution, and consumption of a wide range of digital services.

MTN Mobile Money (MoMo) has also revolutionised the financial landscape. Formal financial inclusion has nearly doubled from 28% in 2009 when MoMo was introduced in Uganda to 58% as of 2018.

MTN Uganda contributes an annual average of approximately UGX700 billion to the government treasury through taxes paid on our own account and as a withholding agent of government, making us the largest taxpayer in Uganda for the past decade.

We have over 1,000 direct employees and employ another 150,000 indirectly. Through our widespread distribution network, we provide a livelihood to more than 500,000 people, making MTN one of the largest employers in the country.

Johannesburg – MTN confirms that three senior managers have been deported from Uganda. MTN Uganda has not been officially notified of the grounds for these arrests and deportations and is trying to establish the precise reasons for the deportations.

We are understandably concerned about these developments and the wellbeing of all our employees.

MTN Uganda is fully committed to respecting and operating within the laws of the country.

Notes to the editor:

On Saturday, 19 January 2019, the MTN Uganda Chief Marketing Officer, Olivier Prentout, was arrested by police at Entebbe airport upon arrival from a business trip abroad.

On the morning of Monday 21 January 2019, the MTN Uganda Head of Sales and Distribution, Annie Bilenge Tabura, was arrested by unidentified security personnel upon arrival at the MTN headquarter offices, in Kololo, Kampala.

Subsequently, both Mr Prentout and Mrs Bilenge have been deported from Uganda to their home countries, France and Rwanda respectively.

On the 22 January 2019, Elza Muzzolini, Head of Mobile Financial Services was also deported from Uganda.

– Issued by MTN Group Regulatory and Corporate Affairs