08 September 2023
Airtel Uganda plans to list shares on the Uganda Securities Exchange’s primary investment market.
Airtel revealed plans to proceed with a public offering of eight billion ordinary shares, representing 20% of Airtel Uganda Limited.
The prospectus will be published following Capital Markets Authority of Uganda (CMA) approval.
Airtel said that, if the CMA approves the prospectus, the offer will be made through the sale of ordinary shares by Bharti Airtel Uganda Holdings B.V. ultimately, a wholly-owned subsidiary of Airtel Africa will receive all of the proceeds of the offering, net of related expenses.
“The offer is anticipated to result in significant local ownership of Airtel Uganda Limited, with preference given to Ugandan investors, and to contribute to the growth of the capital markets in Uganda,” said a statement.
To increase retail participation, the shares will be offered to retail investors via Airtel Money’s platform in addition to traditional channels following CMA approval of the prospectus.
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. The Uganda Communications Commission has set a deadline of 16 December 2023 for meeting this listing requirement.