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More Africa NewsUganda orders telcos to list 20% of shares within two years

November 4, 2019by myles

The Ugandan government says the country’s telecoms operators must list at least 20% of their shares on the local bourse within two years in a move to encourage local ownership. A report from Reuters cites Ibrahim Bbosa, spokesman for the regulator Uganda Communications Commission (UCC), as saying that the share listing will be one of the terms contained within new licences: ‘In 60 days we want to have issued new licences and then two years from then all the players should have listed at least 20% of their shares on the Uganda Stock Exchange (USE).’ According to TeleGeography’s GlobalComms Database, foreign-owned operators MTN Uganda and Airtel Uganda control almost 90% of the local mobile market between them.

Another condition of the new licences will be for operators to share fibre backbone infrastructure to avoid the expense of each firm rolling out overlapping networks.

Source: TeleGeography