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The MTN Group mentioned the preliminary public providing of its Ugandan unit raised 535.94 billion shillings (about R2.4 billion), lower than two-thirds of its goal. (Picture by Gallo Photos/Papi Morake)
The MTN Group mentioned the preliminary public providing of its Ugandan unit raised 535.94 billion shillings (about R2.4 billion), lower than two-thirds of its goal.
A minimum of 2.9 billion shares had been allotted out of the 4.5 billion shares that had been supplied, Kampala-based MTN Uganda mentioned in a press release, with out offering causes for the undersubscription.
The stake which Africa’s largest wi-fi service has within the unit was lower to 83.05% from 96% following the allotment. It’ll checklist on the Uganda Securities Trade on Monday. The South African-based group had supplied to chop its stake by 20% in keeping with regulatory necessities.
Uganda and Kenya’s nationwide social safety funds, Duet Africa Alternatives Grasp Fund IC, EFG Hermes Oman LLC, First Rand Financial institution and native pension funds for the Ugandan central financial institution and tax authority had been among the many high patrons of stakes in MTN Uganda, in accordance with the assertion.
The IPO, the primary within the nation in additional than three years, can also be the largest since Umeme raised about $66 million in 2012, in accordance with information compiled by Bloomberg.
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