Buganda Kingdom has announced its commitment to the local economy by investing in Airtel Uganda’s Initial Public Offering (IPO).
On September 26, at Bulange, Mengo, the Prime Minister of Buganda Kingdom, Charles Peter Mayiga, pledged to acquire 2 million shares on behalf of the kingdom.
Airtel Uganda Ltd, a subsidiary of Airtel Africa plc, aims to raise Shs 800 billion through its IPO. The company has priced its IPO at Shs 100 per share and plans to offer up to 20% of its stake, equivalent to 8 billion shares.
Buganda Kingdom’s decision reflects a longstanding partnership with Airtel Uganda and an opportunity to participate in Uganda’s growing telecommunications sector.
Manoj Murali, the Managing Director of Airtel Uganda, shared, “This day marks a significant milestone in the enduring collaboration between Airtel Uganda and Buganda Kingdom. This partnership has received the unwavering support of His Majesty.”
Airtel Uganda’s IPO represents a major step towards involving Ugandan investors in the ownership of the company.
Since 2014, Airtel Uganda has been actively involved in Buganda Kingdom’s initiatives, including the Kabaka Birthday Run, the Masaza Cup Tournament, Eid Celebrations, and more.
Mayiga praised Airtel Uganda for its consistent support of the kingdom’s initiatives, particularly the success of the Kabaka Birthday Run. He encouraged the public to participate in the Airtel IPO and emphasized the importance of informed investment decisions.
He advised, “Become a wise investor and acquire shares in publicly listed companies. As the company grows, the value of the shares will increase.” Mayiga also highlighted that listed companies carry less risk compared to many other businesses that Ugandans typically invest in, such as hair salons, matatus, rentals, and boda bodas.