MTN Uganda plans to sell shares left over from its deeply undersubscribed 2021 listing to local investors to expand local ownership and comply with regulatory requirements, it said on at the weekend.
The Uganda unit of JSE-listed MTN Group has received regulatory approval for the extra share sale, MTN Uganda said in a statement published in The East African, a newspaper.
When it listed on the Ugandan stock market three years ago, MTN Uganda sought to sell 20% of its shares to local investors to fulfil regulatory requirements, but only met 60% of that target.
MTN Uganda said it will sell the shares on the secondary market of the Uganda Securities Exchange (USE) between 27 May and 10 June.
The company has a subscriber base of about 15 million people and also offers mobile money financial services. Its main competitor is the local unit of Bharti Airtel.
