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Buddu’s Pokino urges people of Masaka to embrace economic development as MTN sensitizes the public on its IPO

Michael Kawesa Sekadde MTN General Manager Human Resources along with a licensed broker from Crested Capital attend to a member of the public during the Masaka IPO Town hall meeting to drive awareness about the MTN IPO (PHOTO /Courtesy)

MASAKA – The Buddu County (Pokino) has urged the people of Masaka to embrace economic development as MTN spreads awareness about how Ugandans can participate in the ongoing MTN Initial Public Offering (IPO).

Levis Sempiira who was representing the Pokino of Buddu lauded MTN for its support and relationship with the Buganda Kingdom, encouraging the people of Masaka to take up economic opportunities to financially liberate their families.

“When economic development comes to town, we embrace and respect it. Thank you very much for canvassing the entire region sensitizing the people of Buddu and Masaka in general about the opportunity in the MTN IPO and how we can all participate,” he said.

He was reiterated by Steven Asiimwe, the Resident City Commissioner who lauded MTN for giving the people of Uganda an opportunity to own shares in the company.

“For 23 years, MTN has supported Uganda through tax collection, MTN is the biggest taxpayer in the country, employing thousands of people and has supported the people of Uganda through its corporate social responsibility. I am grateful to them because these shares will enable Ugandans to develop financially. We have been complaining about profit repatriation and now this is a chance for ordinary Ugandans to also get a piece of that cake,” he urged.

The gentlemen were speaking at a town hall gathering organized by MTN in Masaka to sensitise the public about the stock market and particularly the MTN Initial Public Offering (IPO) with the aim of encouraging them to participate and own a stake in one of Uganda’s largest companies.

The session which was facilitated by representatives from MTN Uganda and senior brokers from SBG Securities and Crested capital is one of many meetings that have taken place across the country.

Similar engagements have been held in Jinja, Mityana, Lyantonde, Apac, Lugazi and Mukono, Gulu, Kamuli, Mbarara, and FortPortal among others.

The initiative to take the IPO closer to the people follows MTN’s announcement of the intention to list 20% (4.5 billion shares) of its ordinary shares and the subsequent opening of the offer on Monday 11 October 2021, after approvals by the Capital Markets Authority of Uganda. The offer will close on Monday 22 November 2021.

MTN is offering shares at UGX 200 per share with a minimum order quantity of 500 shares which means Ugandans can become shareholders in MTN Uganda with an investment of as low as UGX 100,000. 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.

Addressing the people at the town hall session held at Brovad Hotel today, Joseph Bogera, the MTN Uganda General Manager Sales and Distribution thanked the people of Masaka for welcoming MTN into the region saying the ongoing MTN IPO seeks to give every Ugandan the opportunity to become part owners of the country’s leading telecommunications and mobile money operator.

“In this IPO, MTN is targeting Ugandan individuals, ‘omuntu wa bulijjo’ and that is why we have come here today; to ensure that everyone is sensitized about the stock market and the MTN IPO. This session aims to equip you with the required information to apply for shares in MTN Uganda, which has also been affordably priced at a cost of UGX100,000 to enable more Ugandans to participate in the IPO. In addition, through its efforts to democratize and bolster Uganda’s capital market, MTN has also made the process of applying for shares easy and affordable through MTN MoMo,” Bogera said explaining that applying for shares using MTN MoMo is free of any extra charges and applies to KYC compliant customers.

Bogera went on to explain “All Ugandan individuals applying for MTN Shares through MTN MoMo (via USSD or MyMTN app) will receive an incentive of 10 bonus shares for every 100 shares applied for. Individuals applying for shares using other methods like Uganda Securities Exchange (USE) portal https://scd.use.or.ug/ or paper applications will also get an incentive of 5 bonus shares for every 100 shares they apply. In case of oversubscription of MTN IPO, Ugandan individuals will be considered first.”

The MTN IPO is the first-ever m-IPO in the region, allowing individual retail investors to apply for the shares through MTN MoMo. MTN customers can apply for shares at their convenience by dialing *165*65# on their phone, first to open their SCD accounts and then apply for the MTN shares. MTN customers with smartphones can also apply through the MyMTN app.

Persons interested in applying for MTN shares can get further assistance from MTN Service Centres, Stanbic Bank branches, and licensed brokers including SBG Securities, Crested Capital, and Dyer & Blair.

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