ARUA. Uganda’s leading telecommunication company, MTN Uganda has tipped the residents of Arua City on the newly introduced MTN Initial Public Offer (IPO) with the aim of encouraging the locals to participate in the offer.

The Arua town hall meeting which was held at Tropical Suites Hotel on Thursday focused on creating awareness and providing vital information about the MTN offer of shares and the stock market to communities in Arua.

The town hall meeting was part of a nationwide awareness tour which feeds into MTN’s broader ‘Uganda is Home’ campaign through which the telecom is seeking to further deepen its roots across the country by offering Ugandans ownership in the company.

Speaking during the meeting, Samuel Gitta, the MTN Uganda General Manager Risk and Compliance said MTN Uganda is offering UGX4.5 billion shares representing a 20 per cent stake in the company, on the Uganda Securities Exchange.

“The Arua town hall meeting is one of a series of similar engagements facilitated by the MTN leadership and brokers from SGB Securities and Crested Capital. The offer opened on Monday October 11, 2021 and will close on Monday November 22, 2021. Investors can apply for shares for as low as UGX100, 000,” Gitta said.

“MTN is offering shares at UGX200 per share with a minimum order quantity of UGX500 shares which means Ugandans can become shareholders in MTN Uganda with an investment of as low as UGX100, 000. This affordable offer of shares by MTN coupled with the incentives is aimed at democratizing the capital market and making it as easy as possible to apply for shares through MTN MoMo,” Gitta stressed.

SharesArua residents participating in the MTN IPO town hall meeting on Thursday. PHOTO BY ANDREW COHEN AMVESI

Similarly, Enid Edroma, the MTN General Manager for Corporate Services said the goal of the outreach is to ensure that every Ugandan has an opportunity to learn more about the MTN IPO so as to enable them to make an informed investment choice.

“This IPO is for you and me. MTN is here to ensure that Ugandans have an opportunity to participate in this IPO by providing you with all the information you need and answering all the questions you might have. One of MTN’s key values is shared growth which we hope to achieve by giving every Ugandan a chance to own a stake in MTN Uganda for as low as UGX100, 000 which is equivalent to only UGX200 per share,” Edroma explained.

Richard Andama Ferua, the former Arua district chairperson commended MTN Uganda for the offer which he said has never happened in the region before.

Ferua encouraged the residents of Arua to embrace the MTN IPO if they are to improve their lives in future.

The MTN IPO comes at a time MTN is marking 23 years in Uganda. In 2020, the Uganda Communications Commission issued MTN Uganda a new 12-year license and as a result, the company has also committed to invest about UGX1 trillion to augment its network and customer experience over the coming years.