Buganda Kingdom to take a 2 million stake in Airtel Uganda

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 with the telecommunication company, while also seizing an opportunity to participate in Uganda’s thriving telecommunications sector.

Manoj Murali, the Managing Director of Airtel Uganda said on September 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.

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.