Ugandan businessman and MTN Uganda Chairman Charles Mbire has seen the market value of his stake in MTN Uganda surge above $51 million in just two days, as the share price in the leading telecom company increased by a single digit.
The single-digit bump in the share price caused the market value of Mbire’s stake to gain UGX4.42 billion ($1.24 million) in less than two days.
The million-dollar increase in the value of his stake came after Uganda’s largest telecom company delivered the country’s largest-ever IPO through the listing of 22.4 billion ordinary shares on the Uganda Securities Exchange (USE).
Upon completing the largest IPO in Uganda’s history, MTN Uganda raised a record UGX535 billion ($150.4 million) from the applications that it received for a total of 2.9 billion shares, including incentive shares.
As of press time, Dec. 7, shares in the company were trading at UGX204.95 ($0.0574), down six basis points from their opening price this morning.
Data gathered by Billionaires.Africa revealed that since the telecom company registered its shares on the Ugandan bourse on Mon., Dec. 6, its share price has increased by 2.5 percent from UGX200 ($0.056) to UGX204.95 ($0.0574) as of the time of writing, as retail investors sustained buying interest long after the public offering.
The increase in the company’s share price caused the market value of Mbire’s 3.98-percent stake to rise from UGX178.45 billion ($49.96 million) to UGX182.86 billion ($51.2 million). In less than two days, his stake gained more than UGX4.42 billion ($1.24 million). In a statement after the successful listing of MTN Uganda’s shares, Mbire said the IPO shows the confidence that Ugandans and other investors have in the company, its brand and strategic intent.
We commend all the regulators for their support in our work to become a USE-listed company and to comply in a timely manner with the listing provisions of the national telecommunications operators’ license,” he said.
Steady but sure-MBIRE who is the biggest investor on Uganda’s Stock exchange with stocks valued at more than $55 million is laughing all the way to the bank after MTN declared the latest dividend payout.He has steadily grown his business empire which is believed to be more that $350 million (debt free).
He is into communications-revenue assurance-cement-distribution-oil services-real estate-oil exploration and logistics.