Top Ten Shareholders:

Following the Offer and immediately prior to the Listing, the top ten shareholders of MTN Uganda are as follows:


Shareholder Number of Issued Shares Percentage Shareholding
MTN International (Mauritius) Limited 18 594 809 664 83.05%
National Social Security Fund 1 980 000 000 8.84%
Charles Mbire 892 230 775 3.99%
National Social Security Fund – Sanlam 58 590 000 0.26%
Bank of Uganda Defined Benefits Scheme – Sanlam 42 000 000 0.19%
National Social Security Fund (Kenya) – Sanlam 39 180 225 0.18%
Duet Africa Opportunities Master Fund IC 30 000 000 0.13%
EFG Hermes Oman LLC 26 855 500 0.12%
First Rand Bank Limited 22 000 000 0.10%
Uganda Revenue Authority Staff Benefit Scheme – Sanlam 18 900 000 0.08%
Other shareholders 684 478 075 3.06%
Total 22 389 044 239 100%



Lack of confidence in the company.

It could be another Safaricom, soon after listing, and if so then time for Kenyans to jump in at less than 6/-. It should cross-list on the NSE to attract Kenyans.

Stanbic uganda did a bonus share issue of 1:5 in 2012

It could be another Safaricom, soon after listing, and if so then time for Kenyans to jump in at less than 6/-. It should cross-list on the NSE to attract Kenyans.

UTL is very risky venture after many years of mismanagement and underinvestment.

Unless the government of Uganda clears the liabilities, gives tax waivers, offers free frequency spectrum, gives national backbone optical fiber network and other incentives. Then maybe

Stanbic Ug IPO price was Ugx. 70/= and was oversubscribed (200%). Current share price around Ugx. 26/=.

A law was passed last year requiring all telcos in Ug to spin off mobile money as separate legal entities so that they come under Bank of Uganda regulations. So it is not clear who actually owns the mobile money entity since this is contributes to over 40% of revenue and has potential growth.

I agree cross listing will give the stock more visibility and liquidity.

The liabilities the government takes them similar to how Treasury took over Telkom Kenya liabilities during the privatisation.
Frequency spectrum will be part of the consideration that Safaricom will pay.
National optical fiber backbone is under NITA so Safaricom can lease for use,build its own or go wireless.
The cost of investment and modernization will be under Safaricom where they can negotiate on the price to be paid considering the costs they will incur to modernize.

Since Ethiopia has slowed down until they sort themselves out, perhaps Saf should look at Uganda. Suspend the dividend for FY22 to fund their expansion into UG while watching Ethiopia.

The developments Ethio telecom is undertaking on its network and business will provide very stiff competition to Safaricom Ethiopia.