Uganda’s Social Security Fund, NSSF, to acquire 10.55% of Airtel Uganda at UGX199 bn

Uganda’s National Social Security Fund (NSSF) is to acquire 10.55% of the total shares outstanding of Airtel shares in the ongoing Initial Public Offering (IPO) for a consideration of UGX199 billion (USD53 million), the two entities have announced.

‘The investment reflects the confidence that the NSSF has in the telecommunications sector, the prospects of the Company and the quality of its management team. The Fund’s investment in Airtel gives an opportunity for millions of NSSF members to own part of a successful company in a fast-growing sector known for innovative services,” NSSF’s Managing Director, Patrick Ayota and AIrtel’s Manoj Murali announced in a joint statement this morning.

“Through the NSSF, the biggest indigenous investor, millions of Ugandans will also be an important part of the telecommunications company’s growth journey.  The NSSF and Airtel Uganda are committed to the development of the Ugandan Capital Markets, and promoting broad-based ownership of equities to enable investors to participate in the growth and development of the country,” the duo added. 

Airtel’s IPO, in which the company offered to sell 20% shares, opened on 30th August 2023 and closes today, 27th October 2023. Allocation results will be announced on 06th November 2023.