🇺🇬 Uganda Securities Exchange

Airtel Uganda Tuesday listed 4.36 billion shares on the Uganda Securities Exchange (USE) after attracting 4,614 investors in its initial public offering (IPO), which saw the takeover of 54.45 percent of the offered eight billion shares.

Airtel Uganda has reported that it sold slightly more than half of the eight billion shares it floated on August 30, returning a 45.55 per cent undersubscription. 

Four hours before the closure of the Airtel’s initial public offering, as the telco struggled to get investors or make a third extension to hit the target of selling at least 20 percent of the floated stock, National Social Security Fund (NSSF) Uganda bought over 50 percent of the eight billion shares.

Buildings material company Uganda Clays swung to a first-half loss in the first six months of the year as “frequent machinery breakdown[s]” dented production and resulted in lower sales.