MTN Uganda has for the past months not had a perfect outing with Government, all the flaws that led to the deportation of the company CEO and top officials could soon be over. This is through the new telecom plans of increasing the local shareholding percentage to 20% from 4%.
The MTN Group Chief Executive Officer (CEO) Robert Shutter confirmed the new Ugandan wing shareholding spike during a presentation to the press after an hours long discussion with President Museveni. It is to be noted that President Museveni has for long urged all foreign companies to list on the Uganda Stock Exchange market.
With key focus to the Yello telecom, The National Social Security Fund (NSSF) will handle the listing process of MTN to broaden the company local shareholding status to a massive 20% as the CEO further confirmed the merger.
“We’ve been in discussions with the NSSF, this is a potential investor in MTN Uganda…this is a way to get broadbased participation without necessarily having to go through all the complexity of the listing,” Shuter said.
After the long ball round up that has finally attracted the MTN Group chief to Uganda. Does this mean the telecom is finally in peace with Government since it has finally bowed to the President’s directive?
It’s all a matter of time now that the deported CEO sued relative authorities over the uncalled waiver. But by the time 2019 falls in line for 2020, MTN will be partially owned by Ugandans once it successfully lists on the exchange market through NSSF with a 20% margin.