President Museveni has hailed MTN Uganda for floating the company’s shares on the Uganda Securities Exchange.

According to the President, localisation of the shares will help Ugandans benefit from the company.

Mr Museveni made the remarks on Wednesday after meeting leaders of MTN Group led by their chairman, Mcebisi Jonas, at State House Entebbe.

The meeting came a day after MTN arrived at an internal decision to float their shares. 

“Now, these people have also told me of their plan to invest US$300m in network expansion in the next 3 years,” the President said.

Charles Mbire, the chairperson of the Board of Directors MTN Uganda at the function on Tuesday. PHOTO/COURTESY

“I am very happy with the localization strategy of giving shares to Ugandans. It is very important. Ugandans (who have started waking up from sleep/ kulambaala) will now be partners in all the activities of MTN Uganda,” he explained.

Listing of shares was a government of Uganda condition for the renewal of the licences of the duopoly.

The new licensing regime requires operators to go public with at least 20 percent of their shares.

Both MTN and Airtel, for example, have operated in Uganda for more than two decades but had never listed on the local bourse. 

MTN Uganda’s main competitor, Airtel Uganda, is also expected to make similar announcement in the near future.