On September 26th, at Bulange, Mengo, Buganda Kingdom made an announcement demonstrating its commitment to the local economy and collaboration with key market players. The Kingdom has decided to invest significantly in Airtel Uganda’s Initial Public Offering (IPO).
Charles Peter Mayiga, the Prime Minister of the Kingdom, has pledged to acquire 2 million shares on behalf of Buganda Kingdom.
Airtel Uganda Ltd, a subsidiary of Airtel Africa plc, aims to raise Shs 800 billion through its initial public offering (IPO). The company has set the price for its IPO at Shs 100 per share and plans to offer up to 20% of its stake, which is equivalent to 8 billion shares.
Buganda Kingdom’s investment demonstrates a lasting strategic partnership with Airtel Uganda while also taking advantage of opportunities in Uganda’s growing telecommunications sector.
Manoj Murali, the Managing Director of Airtel Uganda, made this announcement on September 26th at Bulange-Mengo. He stated, “Today marks a significant day in the enduring partnership between Airtel Uganda and Buganda Kingdom. This decade-long collaboration has enjoyed the support and belief of His Majesty.”
He unveiled Airtel Uganda’s IPO before Kingdom officials, offering 8 billion existing ordinary shares, equivalent to 20% of the company.
The IPO is a significant step towards increasing ownership of Airtel Uganda among Ugandan investors, allowing them to have a stake in the company.
Since 2014, Airtel Uganda has been a partner in various initiatives of the Kingdom, including the annual Kabaka Birthday Run, the Masaza Cup Tournament, Eid Celebrations, and more.
Mayiga commended Airtel Uganda for their steadfast support of the Kingdom’s initiatives, particularly the resounding success of the Kabaka Birthday Run.
He encouraged the public to participate in the Airtel IPO and emphasized the importance of making informed investment decisions.
Mayiga advised, “Be a smart investor and acquire shares in publicly listed companies. With the company’s growth, the shares will appreciate,” he said.
Mayiga also highlighted that listed companies are not as risky as many other businesses that most Ugandans tend to invest in, such as hair salons, matatus, rentals, and boda bodas.