Prime
Museveni lauds MTN’s plan to list on stock exchange
President Museveni interacts with MTN Group officials led by Group board chairman Mcebisi Jonas (3rd left) who is based in South Africa after a meeting at Entebbe on Wednesday. PHOTO / PPU
What you need to know:
- According to a press release following a meeting with MTN officials at State House on Wednesday, the President thanked the MTN leadership led by the board chairperson, Mr Mcebisi Hubert Jonas, for their plan to expand services to rural areas and engage in business promotion.
President Museveni has hailed mobile telecommunications company MTN’s plan to list in Uganda’s stock exchange, saying it will allow Ugandans and Africans to be partners in the company activities.
According to a press release following a meeting with MTN officials at State House on Wednesday, the President thanked the MTN leadership led by the board chairperson, Mr Mcebisi Hubert Jonas, for their plan to expand services to rural areas and engage in business promotion.
On Tuesday, the telecommunications firm announced its intention to proceed with an initial public offer (IPO) and subsequently list on the Uganda Securities Exchange (USE).
“Localisation is very important. It removes nationalism in business where all people become partners,” Mr Museveni is quoted in the statement.
On Tuesday, the Capital Markets Authority and Uganda Securities Exchange approved MTN Group’s 20 percent offer of its shareholding in MTN Uganda to the public.
MTN Group owns 96 percent of MTN Uganda. According to the press release, Mr Mcebisi informed Mr Museveni that besides their commitment to stay in Uganda, they are set to invest $300 million in the next three years and also contribute towards the purchase of Covid-19 vaccines in the country.
He told the President that MTN has made tremendous progress in its localisation strategy to see Ugandans acquire MTN shares, own it, create shared value and broad-based ownership of all the operating subsidiaries to fulfil the conditions of MTN Uganda’s national telecom operator license, which require its listing by end-June 2022.
“The localisation process has started to ensure that MTN is owned by Ugandans. The overall new strategy is that as a company, it is owned by Africans,” he said, adding that key positions in the company are currently manned by Ugandans, including the CEO MTN in South Sudan.
Other members who met the President included Mr Ralph Mupita, the CEO, Yolanda Cuba, Wim Van Helleputte and Charles Mbire.
The Minister of State for ICT and National Guidance, Mr Godfrey Kabyanga, as well as the Uganda Communications Commission executive director, Ms Irene Kaggwa, attended the meeting.
