The Buganda Kingdom has demonstrated its unwavering commitment to the Kingdom’s economy and cooperation with key market players by undertaking a substantial investment in Airtel Uganda’s Initial Public Offering (IPO).
This strategic move signifies the enduring partnership between the Buganda Kingdom and Airtel Uganda, while also seizing a valuable opportunity to participate in Uganda’s thriving telecommunications industry.
Manoj Murali, the Managing Director of Airtel Uganda, expressed his excitement, remarking, “Today marks a momentous day in the enduring partnership between Airtel Uganda and Buganda Kingdom. This decade-long collaboration has enjoyed the support and belief of His Majesty.” He unveiled Airtel Uganda’s IPO, offering 8 billion existing ordinary shares, equivalent to 20% of the company. This initiative aims to expand the ownership of Airtel Uganda among Ugandan investors, enabling them to have a stake in the company.
Since 2014, Airtel Uganda has been a crucial partner in driving transformative initiatives, including the annual Kabaka Birthday Run, which is Africa’s largest run, the Masaza Cup Tournament, Eid Celebrations, and various community engagement activities that have left a significant impact on the lives of people in Buganda and beyond.
The Katikiro of Buganda, Owek. Charles Peter Mayiga, commended Airtel Uganda for their steadfast support of the Kingdom’s initiatives, particularly the resounding success of the Kabaka Birthday Run. Owek. Mayiga encouraged the public to take part in the Airtel IPO and stressed the importance of making informed investment decisions. He advised, “Invest wisely, educate yourself about prudent investment practices, and consider acquiring shares in publicly listed companies. With the company’s growth, the shares will appreciate.”
However, he also cautioned against taking loans to purchase shares and discouraged traditional ventures like salons, matatus, and rentals, emphasizing that IPO stock shares present a more astute investment choice.
Owek. Charles Peter Mayiga further demonstrated his confidence in Airtel Uganda by pledging to procure 2 million shares on behalf of the Buganda Kingdom.
Robert Baldwin, CEO of Crested Capital, the lead sponsoring broker, commended the Kingdom’s investment, acknowledging that it would yield substantial future benefits for the Kingdom. He stated, “We are delighted to see the Kingdom of Buganda announcing the acquisition of 2 million shares. This represents a significant investment of Ugx 200 million, which will earn the Kingdom an additional 100,000 incentive shares as part of the Initial Public Offer.”
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