MTN Uganda, in collaboration with SBG Securities Uganda Limited, completed a successful secondary market offer, bolstering its shareholder base and achieving regulatory compliance.
Key Highlights
- Offer Details: The secondary market offer spanned from May 27 to June 10, 2024, in accordance with USE Listing Rules.
- Public Float: MTN Uganda now meets the 20% minimum public float requirement, a significant milestone.
- Share Allocation: Successful applicants received allocated Sale Shares, including Incentive Shares as per the Offer terms.
- Refunds: Applicants who didn’t receive their full quota of Sale Shares will receive refunds by June 27, 2024.
- Top Shareholders: The top ten shareholders include MTN International (Mauritius) Limited and key institutional investors.
- Investor Education: MTN Uganda has launched a web-based investor hub for ongoing education and information.
Offer Results
The secondary market offer witnessed significant participation, with 1,574,807,373 ordinary shares allocated, meeting investor demand.
Public Float Achievement
MTN Uganda’s successful offer has fulfilled the 20% minimum public float requirement, ensuring compliance with regulatory standards.
Shareholder Distribution
The top ten shareholders now hold substantial stakes in MTN Uganda, indicating investor confidence and stability.
| Shareholder | Number of Shares | Percentage |
|---|---|---|
| MTN International (Mauritius) Limited | 1,574,807,373 | 76.0% |
| National Social Security Fund | 2,629,607,910 | 11.7% |
| Charles Mbire | 895,561,810 | 4.0% |
| First Rand Bank Limited | 557,064,781 | 1.6% |
| JPM FRB A/C Africa Partners Fund SPC | 199,311,570 | 0.9% |
| National Social Security Fund (2) | 92,762,927 | 0.4% |
| BNYMSANV – SBSA IML LAU | 81,432,958 | 0.4% |
| BNYMSANV – BHF Asset Management | 52,677,391 | 0.2% |
| SSB Russell Investment Company Plc Fund | 46,287,532 | 0.2% |
| Bank of Uganda Defined Benefits Scheme (1) | 42,000,000 | 0.2% |
| Other Shareholders | 773,332,744 | 3.5% |
| Total | 2,074,737,756 | 100% |
Implications for MTN Uganda
The successful offer strengthens MTN Uganda’s position, enhances liquidity, and fosters a broader investor base.
Conclusion
MTN Uganda’s secondary market offer has not only met regulatory requirements but also bolstered investor confidence, laying a robust foundation for future growth and engagement.