MTN Uganda Receives Approval from CMA Kenya to Market IPO to Kenyans

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Kenya’s Capital Markets Authority (CMAK) has provided has given a nod for The MTN Uganda Initial Public Offering (IPO) to be marketed in Kenya.

Effectively, this will allow the marketing of the shares to both Professional Investors and Retail Investors following the opening of the offer in Uganda on 11th October 2021.

According to a statement at our desk, the marketing in Kenya is led by SBG Securities, and Dyer and Blair, both of whom are licensed market intermediaries in Kenya, working in collaboration with their respective affiliates in Uganda.


Furthermore, SBG Securities Uganda Limited is the Transaction Advisor and Lead Sponsoring Broker for the MTN Uganda IPO and will be collaborating with SBG Securities Limited (Kenya) to market the IPO in Kenya.

The MTN Uganda IPO offers for sale 4.4 billion ordinary shares, which is the same as a 20 percent stake of the company.

The price for each share is UGX 200.00 (KES 6.28).

Also, each prospective shareholder must apply for at least 500 shares, which, if fully allocated, results in a minimum investment of UGX 100,000 (KES 3138) per shareholder.

The price for each share is UGX 200.00 (KES 6.28).

Besides, Kenyan investors will require a valid identification national ID or passport to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the MTN Uganda IPO.

All East Africans who apply for shares will receive 5 bonus shares for every 100 shares they are allocated. The MTN Uganda IPO will close on Monday 22nd November 2021 at 4 pm EAT.


MTN Group is the first telecommunications company to list on the Uganda Securities Exchange, MTN’s offer will contribute towards deepening the Ugandan and East African capital markets by enhancing public access to the growing stock market.

“The decision to list MTN on the Uganda Securities Exchange is in line with our localization agenda aimed at prioritizing local investors with the goal of giving Ugandans and indeed East Africans the opportunity to own part of the company,” said MTN Uganda Chief Executive Officer Wim Vanhelleputte, adding that Uganda is the fourth MTN operating market to get listed in Africa.


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Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]