The ICT and National Guidance Minister , Dr. Chris Baryomunsi has urged telecommunication companies and the Uganda Communications Commission to make Internet services cheaper for Ugandans. <\/p>\n\n\n\n
Speaking at the listing of the MTN Uganda limited on the Uganda Securities Exchange, Dr. Baryomunsi said the high cost of internet remains a bigger challenge mainly to the millions of young Ugandans and it was affecting the speedy deliver of education , health services and doing business -online generally.<\/p>\n\n\n\n
Dr. Baryomunsi said that with the digital economy there are many economic opportunities for Ugandans especially the youth but who cant tap into such openings because of the high costs of the internet in Uganda. He called upon the two major Telecom companies in Uganda MTN and Airtel to lower charges for internet in -order to increase usage and open economic opportunities for Ugandans. The Ministry of ICT gives oversight to the telecom sector and oversee the work of the Uganda Communications Commission who are the national telecom regulator .<\/p>\n\n\n\n
Telecom giant MTN Uganda Limited has listed 22.4 billion ordinary shares on the Uganda Securities Exchange (USE), with trading commencing immediately.<\/p>\n\n\n\n
The listing was approved by the Capital Markets Authority in Uganda and the USE. It follows the successful completion of the largest initial public offering in Uganda\u2019s history, raising a record UGX535 billion from applications for 2.9 billion shares (including incentive shares).<\/p>\n\n\n\n
\u201cWe are delighted with the successful completion of the offer. It clearly shows the confidence that Ugandans and other investors have in the company, its brand and its strategic intent,\u201d <\/em>said MTN Uganda Chairman Mr. Charles Mbire.<\/em><\/p>\n\n\n\n \u201cWe commend all the regulators for their support in our work to become a USE-listed company and to comply in a timely manner with the listing provisions of the national telecommunications operators\u2019 licence,<\/em>\u201d he added.<\/p>\n\n\n\n MTN Uganda CEO Wim Vanhelleputte was also in a celebratory mood: \u201cToday marks the conclusion of a remarkable journey which has given over 20 000 Ugandans the opportunity to become owners of MTN Uganda.\u201d<\/em><\/p>\n\n\n\n \u201cWe are particularly proud of our digital m-IPO collaboration with the USE, an African first. More than 93% of the applications were made via the m-IPO platform, with the majority of these investors new market participants,\u201d <\/em>he added.<\/p>\n\n\n\n The listing allows Ugandans to own part of the company with MTN Group reducing its ownership in MTN Uganda from 96% to 83.05%. It is in line with MTN Group\u2019s strategic priority to create shared value, partly through ensuring broad-based ownership in all operating subsidiaries. This aligns with the Ugandan Communications Commission\u2019s new licensing requirement for broad-based ownership by Ugandans, with a compliance deadline of mid-2022.<\/p>\n\n\n\n \u201cWith this listing, MTN Uganda becomes the Ugandan stock with the largest market capitalisation on the USE,\u201d<\/em> said MTN Group President and CEO Ralph Mupita. \u201cWe are very encouraged to have helped facilitate the broadest possible shareholder base in Uganda, with regional participation and in so doing, further developing the equity capital markets in this country.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The ICT and National Guidance Minister , Dr. Chris Baryomunsi has urged telecommunication companies and the Uganda Communications Commission to<\/p>\n","protected":false},"author":1,"featured_media":4761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[24,65],"tags":[],"class_list":["post-4760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-national-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/12\/baryo.jpg","jetpack-related-posts":[{"id":4242,"url":"https:\/\/prowebinhost.com\/anzu\/mixed-feelings-as-mtn-offers-ugandans-the-largest-ipo-on-the-uganda-securities-exchange\/","url_meta":{"origin":4760,"position":0},"title":"MIXED FEELINGS AS MTN OFFERS UGANDANS THE LARGEST IPO ON THE UGANDA SECURITIES EXCHANGE","author":"UgandaUpdate","date":"October 12, 2021","format":false,"excerpt":"Considered \u00a0the largest IPO on the Ugandan market and will be delivered primarily through a digital paperless\/ green platform which is the first of its kind in East Africa.\u00a0Uganda government forced the company to list on USE in public interestThe offer and listing of MTN Uganda is in line with\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/10\/0f26497be3bb4241942907888228f47b.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/10\/0f26497be3bb4241942907888228f47b.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/10\/0f26497be3bb4241942907888228f47b.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/10\/0f26497be3bb4241942907888228f47b.jpg 2x"},"classes":[]},{"id":4773,"url":"https:\/\/prowebinhost.com\/anzu\/ugandan-tycoon-charles-mbire-delighted-with-mtn-listing-on-the-uganda-securities-exchange-as-his-net-worth-is-set-to-go-up\/","url_meta":{"origin":4760,"position":1},"title":"UGANDAN TYCOON CHARLES MBIRE DELIGHTED WITH MTN LISTING ON THE UGANDA SECURITIES EXCHANGE AS HIS NET WORTH IS SET TO GO UP","author":"UgandaUpdate","date":"December 10, 2021","format":false,"excerpt":"Uganda tycoon Charles Magezi Mbire is a happy man following the successful listing of MTN Uganda Ltd on the Uganda stock exchange . Mbire is one of the biggest shareholders in the telecom giant now boasting of a subscribers base of 11 million Ugandans connected on the network . \u201cWe\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/business-national-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11051,"url":"https:\/\/prowebinhost.com\/anzu\/utcl-and-uaes-rcc-sign-joint-partnership-agreement\/","url_meta":{"origin":4760,"position":2},"title":"UTCL and UAE\u2019s RCC sign joint partnership agreement\u00a0","author":"UgandaUpdate","date":"December 26, 2023","format":false,"excerpt":"President Yoweri Kaguta Museveni has witnessed the signing of an agreement for a joint venture between the Uganda Telecommunications Corporation Limited (UTCL) and Rowad Capital Commercial LLC (RCC), a company based in Dubai-United Arab Emirates at State House, Entebbe. 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The listing was approved by the Capital Markets Authority in Uganda and the USE. It follows the successful completion of the largest initial public offering in Uganda\u2019s history, raising a\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13129,"url":"https:\/\/prowebinhost.com\/anzu\/government-signs-significant-agreement-with-uae-company-to-revamp-utcl\/","url_meta":{"origin":4760,"position":4},"title":"Government signs significant agreement with UAE company to revamp UTCL","author":"UgandaUpdate","date":"October 27, 2024","format":false,"excerpt":"Uganda Telecommunications Corporation Limited (UTCL) on Friday 25th October, 2024 received a new lease of life following the signing of an agreement between the Government of Uganda and Rowad Capital Commercial (RCC), a company based in Dubai, United Arab Emirates (UAE). 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