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Airtel Uganda, a subsidiary of Airtel Africa working in 14 African international locations, has introduced its intention to go public on the Uganda Securities Alternate. As per Airtel Africa’s trade submitting, the telecom and cell cash service supplier goals to drift 8 billion strange shares, equal to twenty p.c of its stake, on the Major Funding Market Phase.
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Regulatory Compliance and Market Entry
The transfer follows the regulatory requirement for Airtel Uganda to listing no less than 20 p.c of its shares, as stipulated by Uganda’s Nationwide Telecom Operator (NTO) license. Airtel was initially required to listing its shares by December final 12 months however was granted a twelve-month extension. The Uganda Communications Fee has set a December 16, 2023 deadline for compliance, mentioned Airtel Africa.
The IPO will contain the sale of strange shares by Bharti Airtel Uganda, a subsidiary of Airtel Africa. After overlaying bills, the providing’s internet proceeds will accrue to Bharti Airtel Uganda Holdings.
Native Possession – Ugandan Buyers
Airtel Africa mentioned the first goal of the IPO is to foster native possession of Airtel Uganda and contribute to Uganda’s capital market development. Particular desire can be given to Ugandan traders, with the shares obtainable by way of Airtel Cash’s platform and conventional channels, growing retail participation.
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Key appointments have been made to facilitate the method, together with Absa Financial institution Uganda because the Lead Transaction Advisor, Crested Capital because the Lead Sponsoring Dealer, Katende Ssempebwa and Firm Advocates because the Authorized Advisor, and EY because the Reporting Accountant, in keeping with the trade submitting.
Pending approval of the prospectus by the Capital Markets Authority of Uganda, the IPO marks a major step towards Airtel Uganda’s compliance with regulatory necessities and its dedication to enhancing native participation in its possession.
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