By Leonard Kamugisha Akida,
KAMPALA
The National Social Security Fund (NSSF) Uganda has announced its application for investment of UGX 199 billion for 10.55% of the total shares outstanding of Airtel Uganda via its ongoing Initial Public Offering (IPO).
This has been announced in a joint statement by the fund’s Managing Director Patrick Ayota and Airtel Uganda Director, Manoj Murali today.
The National Social Security Fund (NSSF) Uganda and @Airtel_Ug announce the Fund’s application for an investment of UGX 199 billion for 10.55% of the total shares outstanding of Airtel Uganda via its ongoing Initial Public Offering. pic.twitter.com/XY8i1vDQuU
— NSSF Uganda (@nssfug) October 27, 2023
The investment reflects the confidence that the NSSF has in the telecommunications sector, the prospects of the Company and quality of its management team.
The Fund’s investment in Airtel gives an opportunity for millions of NSSF members to own part of a successful
company in a fast-growing sector known for innovative services.
Through the NSSF, the biggest indigenous investor, millions of Ugandans will also be an important part of the telecommunications company’s growth journey.
Airtel Uganda announced that it will sell up to 20% of the company by offering shares to the public via the IPO, and
subsequently list on the Uganda Securities Exchange (USE).
“The NSSF and Airtel Uganda are committed to the development of the Ugandan Capital Markets, and promoting broad based ownership of equities to enable investors to participate in the growth and development of the country,” read a statement in parts
The listing will be a historic step forward for Uganda and the its telecommunications sector.
