Prominent Ugandan entrepreneur Charles Mbire, the wealthiest investor on the Uganda Stock Exchange, has recently seen a substantial reduction in the value of his MTN Uganda stake. This decrease is primarily attributed to the persistent decline in the telecom company’s stock price.

Data from Billionaire.Africa reveals that over the last three weeks, Mbire’s 3.99-percent stake in MTN Uganda has experienced a loss of Ush8.74 billion ($2.3 million). This decline mirrors the ongoing bearish sentiment in the Ugandan market, where MTN Uganda is listed.

MTN Uganda, a subsidiary of the MTN Group, is a dominant telecom operator in the country, serving an impressive 97 percent of the population with a subscriber base exceeding 17 million.

However, in the past three weeks, MTN Uganda’s shares have fallen by 5.43 percent, dropping from Ush179.76 ($0.0476) to Ush170 ($0.0449) since October 19. This decline has led to losses for shareholders, including Mbire.

As a consequence of this single-digit percentage decline, the value of Mbire’s stake in the telecom company has decreased by Ush8.74 billion ($2.3 million) in the past three weeks. His stake, which was worth Ush160.98 billion ($42.56 million) on October 19, has now declined to Ush152.25 billion ($40.25 million) at the time of this report.

While this reduction underscores the challenges facing investors in the Ugandan market due to the recent bearish sentiment, MTN Uganda maintains its position as a leader in the country’s telecommunications industry and remains a significant player on the Uganda Stock Exchange.