The National Social Security Fund (NSSF) has announced plans to invest Shs199 billion for 10% of the total shares outstanding of telecom company, Airtel Uganda.
In a press statement, Patrick Ayota, the Fund’s managing director says this will be done through the ongoing Initial Public Offer (IPO).
He says the investment reflects the confidence that the NSSF has in the telecommunications sector, the prospects of the company, and quality of its management team.
He adds that the Fund’s investment in Airtel Uganda gives millions of NSSF members an opportunity to own part of a successful company in a fast-growing sector.
“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,” Ayota said in a statement.
Airtel Uganda recently announced it would sell up to 20% of the company by offering shares to the public via the IPO, and later list on the Uganda Securities Exchange (USE)