Uganda Tells MTN to List 20% of Its Shares on Local Exchange

MTN Group Ltd.’s Ugandan unit is required to list at least 20% of its shares on the local stock exchange within two years, according to the regulator.

An initial public offering was one of the conditions for the renewal of the permit for 12 years effective July 1, Uganda Communications Commission spokesman Ibrahim Bbossa said Monday by phone from the capital, Kampala. Local ownership in MTN Uganda Ltd. is about 4%, Daily Monitor newspaper reported last year.

The unit of South Africa’s MTN that is Uganda’s biggest wireless carrier has been operating on temporary permits since its initial 20-year license expired in October 2018. It will pay $100 million for the fresh license.

The company is also required to extend its network and services to cover at least 90% of the country within five years, the regulator said in a statement on Friday.