MTN Uganda to offer 20% of its stake to Ugandans

As previously reported, MTN Uganda has been in talks with the Government to sell a stake to NSSF. As of today, the MTN Group CEO Rob Shutter has confirmed that MTN Uganda is ready to give 20% of its stake to Ugandans.

This will bring the percentage of local ownership into the giant telecom company from the current 4% to 20%.

MTN Uganda, the country’s biggest tax payer was prompted to sell stake to locals (NSSF) as a prerequisite to renew its license that expired in October 2018.

I think this is something that needs to be worked on. It’s known that we have been in discussions with National Social Security Fund, this is a potential investor in MTN Uganda. It will include many members of the pension fund without necessarily going through the challenges associated with public listing.

Rob Shutter, MTN Group CEO

Reaching an agreement been the Government and MTN Uganda has been a turbulent process. For one, the government wanted MTN to list its shares while the company seemed to have completely different ideas. What followed was stallment of the licence renewal.

Rob Shutter did not cancel out the possibilty of MTN Uganda getting listed on the Uganda Securities exchange.