MTN rallies Bunyoro Kitara Kingdom subjects on shares
BUNYORO – MTN Uganda has launched a sensitization campaign in the Bunyoro Kitara Kingdom to mobilize the kingdom subjects to take advantage of its shares on the Uganda Stock Exchange.
Recently, MTN announced its intentions to float 20% of its shares to Ugandans after the company secured an operating license of 12 years at 100 million dollars which required the company to sell 20% of its shares to Ugandans.
The initiative was part of coordination with the company as it signed its license with the Ugandan government. This was when the government realized that all the profits made by the company (MTN) were being taken by shareholders out of Uganda.
Speaking during the MTN Initial Public Offer (IPO) town hall meeting held at Kolping Hotel on Monday, Nicholas Mugisha Baijuka, the MTN General Manager Capital projects group called on the people of Bunyoro to embrace the business. He explained that buying shares is the smartest way of doing business compared to other businesses.
He noted that MTN Uganda’s current shareholdings are Shs 22.5bn and MTN international has 96% shares whereas MTN international is offering to sell 20% of its Shs 4.5bn ordinary shares to the public and one share is costing Shs 200. According to him, any Ugandan can buy shares for as low as Shs 100, 000.
He noted that the company is expecting to make profits of about Shs 375 billion and 6% of this money will be dividends that would be shared among the shareholders.
He said that this offer will expire in three weeks adding that Ugandans should take the opportunity fast before foreigners grab it.
“We are here to tell Ugandans about buying shares in MTN Uganda, each share is Shs 200 but the minimum you can buy is for 500 shares, this is a business where you can sleep and nobody steals it, you do not need to feed it and MTN is doing all this for you. You buy and go and sleep, even when you want a loan you just go to the bank present your share and they give you a loan, so this not like having a cow.”
Speaking to theCooperator after the meeting which attracted more than 100 participants, Robert Owagonza, the Bunyoro Kitara Kingdom Finance Minister and an official from the Bank of Uganda commended MTN for the initiative.
He explained that the Kingdom is currently empowering its subjects on financial literacy so that they can always make an informed financial investment.
However, he challenged the kingdom subjects with the interest in buying MTN shares to join this business not only expecting profits but they should also know they can make losses. He noted that buying shares is one of the investment options adding that before investing in shares; the public should know that there are other options where they can invest such as treasury bills, bonds and fixed deposits.
“When you invest in treasury bills, bonds and fixed deposits, you are sure of making profits but with shares, it is not automatic, you depend on the performance of the company when it makes a profit, you benefit and it makes loses you also lose,” Robert said and called on the kingdom subjects to invest after making research.
Brian Kaboyo, the Hoima City Mayor says, it’s high time for the people of Hoima and Bunyoro in particular to embrace buying of shares in various stock exchange markets.
He noted that people in the area are used to traditional ways of doing business such as operating shops, transport, and dealing in products that require much time, adding that introducing such businesses which do not waste time is an opportunity that should be unitized by business communities.
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