By Moses Oketa
Kampala – In order to encourage participation in the Initial Public Offer (IPO) and promote allocation to Ugandan investors, the Board of Directors Airtel Uganda has proposed a substantial enhancement of the incentive structure.
Commenting on the revision of the incentive share structure, Manoj Murali, the Managing Director Airtel Uganda said: “The Company is keen to promote broad ownership of our shares and welcomes the participation of all investors. We are excited about our growth trajectory and have, at minimum, doubled the incentive shares available for all categories of investors to further enhance the attractiveness of our IPO. The Airtel Uganda IPO is a landmark event in the country’s capital markets and we have left no stone unturned to ensure a successful outcome.”
All investors who have previously applied for shares will receive the revised Incentive shares as well.
Investors allocated shares in the Offer will be eligible for dividends declared by the company in November of 2023.
Commenting on the closing date of the IPO Mr Manoj said: “The IPO is coming to a close on 27th October and we are truly humbled by the support that Ugandans have shown us. I call upon those who wish to make the last-minute applications, to do so. We have a strong team of partners on this transaction that will assist you to make an informed choice.”
Airtel Uganda Limited is mandated by Article 16 of Uganda’s National Telecom Operator licence to list at least 20% of its shares on the Uganda Securities Exchange.
Airtel Uganda joins MTN Uganda as the second privately owned telecommunication company that is listed on the Uganda Securities Exchange Stock Market after MTN Uganda listed MTN Uganda listed 22.4 billion ordinary shares on the Uganda Security Exchange (USE) during the MTN IPO Listing event at the Kampala Serena Hotel on 6th December 2021.
All the issued shares were listed on the Main Investment Market Segment of the USE (the listing) per Rule 32(7) of the USE Listing Rules 2021. This listing reduces the ownership of MTN Group in MTN Uganda from 96% to 83.05%.
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