MTN will next year allot shares to the public
By Drone Reporter
Uganda’s leading telecommunications giant MTN will cross list on Uganda Securities Exchange in June 2022.
MTN Chief Marketing Officer Semdev Sen says members of public will be able to buy shares in MTN as investors.
Cross listing means individuals will be able to buy shares in the company hence opportunity to make money as profitable venture.
The MTN Chief Marketing Officer Somdev Sen revealed the development while launching Securities Central Depository (SCD) account using MTN Moomo platform that will facilitate convenient securities growth.
” Digital Securities Central Depository account opening service is envisaged to democratize and bolster both access to the Ugandan Stock Market and trade as more people will be able to open SCD accounts that are a requirement to trade in the securities market,” Sen explained.
Paul Nwiso, the Uganda Security Exchange Chief Executive Officer noted that the new digital SCD account opening platform will bolster participation of every one in stock market as more people will be able to open their SCD accounts remotely and subsequently be able to invest in any of the companies and debt instruments listed on the Uganda Security Exchange.
“Last year we launched awebased platform chalked the easy portal as a self service channel for opening an SCD account in service of our gist of facilitating convenient access to stock market services. This partnership with mtn Uganda is another stride towards achieving this goal, “Bwiso said.
Stephen Mutana MTN’s Mobile Money limited Chief Executive Officer said the innovation is another step for MTN mobile money to digitalize services that are crucial to growing financial sector. “
“As a financial service provider with services that have championed digital finance, this is a great opportunity for us to digitalize this crucial function of stock investment by simplifying it for our customers. Now that it is simpler we believe that more people will be able to open SCD accounts and participate in the stock market as an alternative avenue of long term investment, “Mutana said.
Launched in 1998, MTN Uganda is the leading communication operator offering mobile and fixed telecommunications, mobile money services and Internet service. As of August 2021,mtn Uganda recorded 15million subscribers across the country. While Uganda Securities Exchange that provides regulates platform for raising capital through equity and debt securities and facilitating investment has generated so far over 2.2trillion through Security exchange.