https://en.sputniknews.africa/20230829/this-african-company-plans-to-raise-216-million-in-ipo-to-foster-expansion-media-reports-1061713592.html

This African Company Plans to Raise $216 Million in Public Offering to Foster Expansion

This African Company Plans to Raise $216 Million in Public Offering to Foster Expansion

Sputnik Africa

Airtel Uganda provides mobile communications and information technology services in the East African country since 2010. As of 2021, the company had 10 million... 29.08.2023, Sputnik Africa

2023-08-29T17:10+0200

2023-08-29T17:10+0200

2023-08-29T17:16+0200

sub-saharan africa

uganda

telecommunications

east africa

economy

investment

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Ugandan telecommunication company Airtel Uganda plans to sell a 20% stake in its initial public offering (IPO), which is the company's first placement of its shares for sale on the stock market, to raise $216 million for its expansion, media said.When listing will be finished, Airtel Uganda will become the second telecom company on Uganda's stock exchange. The first one is MTN Uganda, which was listed in 2021.The Airtel Uganda IPO reportedly opens on August 30 and will close on October 13. The results of the IPO will be announced on October 30, media said.Apart from mobile communications and information technology services, the company, a subsidiary of Airtel Africa, an Indian telecom company owned by the Indian telecommunications company Bharti Airtel and working in 14 African states, offers mobile funds transfer and banking services.In 2022, the company made a post-tax profit of almost $30 million, according to the annual report of the company, released on July 15.

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east africa

2023

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uganda, telecommunications, east africa, economy, investment