The Uganda Communications Commission (UCC) has received an application from Airtel Uganda to extend its listing on the Uganda Stock Exchange (USE) to 15 December 2022.
According to Airtel’s financial report, the group filed the application on 5 April 2022 for the period ended 31 March 2022, but the group did not give reasons for the request.
Uganda’s National Telecom Operator (NTO) licence stipulates that the company must comply with the sector policy, regulations and guidelines requiring the listing of its shares on the USE.
The Capital Market Authority (CMA) requires that all foreign-owned telecommunications entities list 20 per cent of their shares on USE in line with its 2021-2025 realigned Strategic Development Plan.
The new licencing regime entails that service providers must guarantee the listing of shares on USE and network coverage to at least 90 per cent of the geographical location of Uganda within five years from the effective date of the licence.
According to Airtel, the current Uganda Communications Regulations 2020 has a public listing obligation for all NTO licensees. It specifies that 20 per cent of the shares must be listed within two years of the date that the licence becomes effective.
Airtel Uganda’s Managing Director, Manoj Murali, said in March that the company was planning to list part of its equity by year-end.
“We will be listing on the Uganda stock exchange hopefully by December 2022,” the Director said.