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CORRECT: Airtel Africa notes Uganda subsidiary plans IPO in Uganda

9th Aug 2023 09:57

(Corrects amount of shares planned for IPO to 8.0 billion from 8.0 million.)

(Alliance News) - Airtel Africa PLC on Wednesday said its Uganda-based subsidiary Airtel Uganda Ltd announced the intention to float on the Main Investment Market Segment of the Uganda Securities Exchange.

The London-based, Africa-focused telecommunications company said Airtel Uganda plans an initial public offer of 8.0 billion shares, representing 20% of Airtel Uganda shares.

"The offer is expected to result in meaningful local ownership of Airtel Uganda Ltd, with preference to be given to Ugandan investors, and to contribute to the development of the capital markets in Uganda," Airtel Africa said.

Airtel Africa shares were 0.2% higher at 114.40 pence each on Wednesday morning.

By Tom Budszus, Alliance News reporter

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