Kampala, Uganda | THE INDEPENDENT | Uganda will expect major telecommunication companies operating in the country to list 30% of their stock on the local bourse under a new policy intended to align operations in the sector with market realities.
256businessnews.com says the target is the two major mobile telephone players – MTN and Airtel that control 92% of the Ugandan telecom market.
Under the policy that was adopted by cabinet last September and will guide the sector for the next five years, the ICT ministry sees listing as an opportunity to boost local ownership of the sector and to dampen capital occasion by repatriation of profits and dividends.
Listing on the local bourse, will become a licensing condition for incumbent and prospective telecommunications operators in the sector that boasted 23.6 million mobile telephone subscribers by June 2017. This similar action has been taken in Ghana, Nigeria, Tanzania and Zambia