Equity Bank Uganda receives IPO to enable customers to invest in UGX 8 Billion Airtel shares
Drake Nyamugabwa
Equity Bank Uganda has been provided with an IPO to support customers to invest in Airtel Uganda shares through a partnership announced on Thursday 28th September 2023.
The partnership according to Equity Bank will provide information and enable the transaction of shares of Airtel as a second receiver of the IPO, through a Fintech Company partner.
During a webinar held on Thursday, Keneth Onyango The Executive Director of Commercial Banking with Equity Bank Uganda said that the bank will ensure customers are turned into investors in shares through transaction processes.
He said this will open opportunities for customers to understand how to buy the shares.
“Equity Bank is the second receiver in Uganda of the IPO of Airtel to provide an opportunity to customers to invest through a telecom company. The role of the bank will be to provide a platform for our own customers to understand and make correct decisions” he said
Amit Kapul from Airtel Uganda
The representative of the Mr Manoj the MD of Airtel Uganda, Amit Kapul said that Airtel has decided to tap into the penetrated areas by allowing customers to buy up to 20% of shares to the public and be part of the growth story of Airtel.
He said the shares system is run in partnership with Eden Mobile Co.
“Customers will apply to incentive shares with high returns. Based on the nature of regulation the telecom and mobile money has been separated and managed by our partner” he said.
Robert from Crested Capital explained how to invest through mobile money, for Ugandans a NIN, after opening an account to access shares
Airtel Uganda recently listed 20% ordinary shares translating into UGX8 Billion on the Uganda Securities Exchange under the secondary market through a public offer
In 2019 the Uganda government directed telecom operators in the country to list at least 20 percent of their shares on the local bourse within two years in a move designed to encourage local ownership.
