MTN Group President & CEO Ralph Mupita In Uganda

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BY BANKERS REPORTER

The MTN Group President & CEO Ralph Mupita is in the country ahead of a key announcement slated for tomorrow (October 5).

Ralph took over from Rob Shuter, who stepped down from his executive responsibilities on August 31, 2020. Prior he served as the MTN Group CFO since April 2017 and has played a critical role in the development and execution of the group’s strategy, capital allocation processes, financial performance as well as in the resolution of a number of complex regulatory matters.

Details on the planned activities ahead of the function are still scanty. At the event, Mupita will be accompanied by MTN Group Board Chairperson Mcebisi Jonas and MTN Uganda Board Chairperson Charles Mbire.

“We will be making an important announcement about MTN Uganda,” MTN said in a statement.

What we know about events in the sector

At least three telecom companies have received the National Telecommunication Operator (NTO) license, paving the way for listing on the local securities exchange. 

According to the Uganda Communications Communication (UCC), telecoms including MTN, Airtel and Lycamobile will float 20% of their shares on the Uganda Securities Exchange (USE).

MTN and Airtel received the NTO license in 2020, while Lycamobile got its operating license in 2021. The time to list shares according to UCC can range from three months to a year after receiving the license.

The government wants telecoms to list shares partly to increase tax collection because of the improved transparency in public financial reporting standards that are a prerequisite for listing on the bourse.  

In August this year, MTN said it was in the final stages of fulfilling the government’s requirement to list on the USE. Wim Vanhelleputte, MTN chief executive officer, said the company was to list a few months under a requirement by the government in which at least 20% of the company shares will be sold to the public.

“In the National Telecom Operator License, there is a request that MTN lists on the stock exchange by June 2022, which is now around 10 months away. So, we are in full preparation to fulfill that obligation and go public,” he told Daily Monitor.

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