Uganda: MTN Asked To Fulfil Obligation To List In Two Years
MTN Uganda has been reminded by the Uganda Communications Commission (UCC) of its license requirement to list twenty per cent of its (MTN) shares on Uganda's stock exchange, as not doing so might trigger sanctions according to the licensing obligation.
The Uganda Communications Commission recently instituted a new licencing arrangement which requires mobile network operators seeking new or extended licences to provide guarantees that they will cover at least ninety per cent of the country within the five years of the licence approval. The same regime also requires some of the licensees to list their shares on Uganda's stock market.
MTN is one of the initial network operators in Uganda to have the new regime apply to them. MTN has been operating on a temporary six-monthly renewal since its original licence expired in 2018.
The acting Executive Director for UCC, Irene Kaggwa Sewankambo, said that the "UCC was empowered under the Ugandan Communication Act of 2013 to grant an extension to the Second National Operator Licensee upon terms and conditions that reflected the prevailing circumstances of the communications sector in Uganda. This included that listing of twenty per cent shares in Uganda's market in the case of MTN.
MTN is the biggest mobile network operator in Uganda with just over 50% of the market share and the Chief Executive, Wim Vanhellpute, committed his organisation to abide by all the terms of its licensing.
Credit: contribution from ITWeb.Africa