NSSF Uganda Acquires 10.55% Stake in Airtel Uganda

Each ordinary share at Airtel Uganda is priced at UGX100 only and the minimum application is 2,500 shares — which amounts to UGX250,000. COURTESY PHOTO / Airtel Uganda

Kampala, Uganda | THE BLACK EXAMINER | On the final day of Airtel Uganda’s share sale, the National Social Security Fund (NSSF) has invested UGX 199 billion in the telecom company, representing approximately 10.55% of the ownership. This significant investment demonstrates NSSF’s confidence in Airtel Uganda’s future, a joint statement confirmed via X.

The announcement was made by NSSF and Airtel Uganda leaders, Patrick Ayota and Manoj Murali, underscoring the positive outlook for the telecom industry. Airtel Africa had previously listed its Ugandan subsidiary, Airtel Uganda, on the Uganda Securities Exchange in August, offering 20% of its stake, or around 8 billion shares, through an initial public offering (IPO).

H.E. President Museveni emphasized the importance of local participation, stating that it fosters partnership and national involvement in businesses.

NSSF’s investment not only allows its members to partake in a prosperous company but also benefits the wider Ugandan population, providing an opportunity for them to be part of the telecommunications company’s growth journey.

Today, October 27, 2023, marks the last day of the share sale. On November 6, 2023, Airtel Uganda will announce how the shares have been distributed. This milestone is significant for both Airtel Uganda and all shareholders, with each ordinary share priced at just UGX 100 and a minimum application of 2,500 shares, equivalent to UGX 250,000.”

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Tumwesige Ivan Kato is a Ugandan Journalist, filmmaker and social media influencer currently working with The Black Examiner newspaper and co-owns Abjine Media Group with his brother Busiinge Aggrey Insingoma