Tumininu adeleye
Using its subsidiary, Airtel Uganda Limited, Airtel Africa intends to issue shares on the Uganda Securities Exchange. 20% of AirtelUganda Limited will be represented by the 8,000,000,000 ordinary shares that the telco proposes to issue in an IPO.
According to Uganda’s National Telecom Operator Rules, 20% of the company must be listed to qualify. The Uganda Communications Commission has given this criterion a deadline of December 16, 2023.
Bharti Airtel Uganda Holdings B.V., an affiliate of Airtel Africa, plans to list AirtelUganda Limited for sale. With preference given to Ugandan investors, it is anticipated that the move will result in significant local ownership. To enhance retail involvement, the shares will be made available to retail investors via the platform of Airtel Money and conventional methods. These actions must all receive regulatory approval.
The lead transaction adviser will be Absa Bank Uganda Limited, the lead sponsorship broker will be Crested Capital, the legal advisor will be Katende Ssempebwa and Company Advocates, and the reporting accountant will be EY.
To compete with MTN, which started offering 5G services in the nation on July 28, Airtel is increasing its presence in Uganda. Following a disappointing Q1 in Nigeria, MTN Nigeria congratulated Airtel on the launch of its 5G network. Airtel is now looking at other areas to expand its presence.
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