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Buganda Kingdom boosts Airtel Uganda IPO

Kampala, Uganda | THE INDEPENDENT | Buganda Kingdom has demonstrated its commitment to the Kingdom’s economy and cooperation with key market players by undertaking a substantial investment in Airtel Uganda’s Initial Public Offering (IPO).

Charles Peter Mayiga, the Kingdom’s Prime Minister pledged to procure 2 million shares on behalf of the Buganda Kingdom. Airtel Uganda Ltd, a subsidiary of Airtel Africa plc, hopes to raise Shs 800 billion in an initial public offering (IPO).

The company set the price for its initial public offering (IPO) at Shs100 per share and will offer up to 20% stake or 8 billion shares. Buganda Kingdom’s move signifies the enduring strategic partnership between the Buganda Kingdom and Airtel Uganda, while also seizing an opportunity to participate in Uganda’s thriving telecommunications sector.

Manoj Murali, the Managing Director of Airtel Uganda said on Sept.26 at Bulange-Mengo, “Today marks a momentous day in the enduring partnership between Airtel Uganda and Buganda Kingdom.” He unveiled Airtel Uganda’s IPO before Kingdom officials, offering eight billion existing ordinary shares, equivalent to 20% of the company.

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