Kampala, Uganda | THE INDEPENDENT | Buganda Kingdom has demonstrated its commitment to the Kingdom’s economy and cooperation with key market players by undertaking a substantial investment in Airtel Uganda’s Initial Public Offering (IPO).
Charles Peter Mayiga, the Kingdom’s Prime Minister pledged to procure 2 million shares on behalf of the Buganda Kingdom.
Airtel Uganda Ltd, a subsidiary of Airtel Africa plc, hopes to raise Shs 800 billion in an initial public offering (IPO). The company set the price for its initial public offering (IPO) at Shs100 per share and will offer up to 20% stake or 8 billion shares.
Buganda Kingdom’s move signifies the enduring strategic partnership between the Buganda Kingdom and Airtel Uganda, while also seizing an opportunity to participate in Uganda’s thriving telecommunications sector.
Manoj Murali, the Managing Director of Airtel Uganda said on Sept.26 at Bulange-Mengo, “Today marks a momentous day in the enduring partnership between Airtel Uganda and Buganda Kingdom. This decade-long collaboration has enjoyed the support and belief of His Majesty.”
He unveiled Airtel Uganda’s IPO before Kingdom officials, offering eight billion existing ordinary shares, equivalent to 20% of the company.
The IPO is one big step to expand the ownership of Airtel Uganda among Ugandan investors, enabling them to have a stake in the company.
Since 2014, Airtel Uganda has been a partner in the Kingdom’s initiatives, including the annual Kabaka Birthday Run, the Masaza Cup Tournament, Eid Celebrations, and more.
Mayiga commended Airtel Uganda for their steadfast support of the Kingdom’s initiatives, particularly the resounding success of the Kabaka Birthday Run.
He encouraged the public to take part in the Airtel IPO and stressed the importance of making informed investment decisions.
He advised, “Be a smart investor and acquire shares in publicly listed companies. With the company’s growth, the shares will appreciate,” he said.
Mayiga said listed companies are not as risky as most businesses that the majority of Ugandans want to invest in including hair salons, matatus, or rentals and boda bodas.
