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MTN Uganda share sale oversubscribed on incentives
MTN Group shares sale in Uganda attracted oversubscription courtesy of incentives dangled including free stakes and inclusion of the new shares in the company’s latest dividend.
The sale of additional shares by South Africa’s MTN Group in its Ugandan subsidiary was oversubscribed by 2.3 times, reflecting the impact of incentives that included free shares and the inclusion of the new shares in the company’s latest dividend issue.
The share sale, which was open to investors from Kenya and other foreign jurisdictions, saw the firm offload 1.57 billion shares at Ush170 (Sh5.82) per unit, this being an equivalent of 7.03 percent of the company’s issued shares in Uganda.
