KAMPALA (Reuters) - Telecom firm Airtel Uganda, a unit of India's Bharti Airtel, said on Wednesday it plans to sell shares left over from its undersubscribed initial public offering to comply with regulatory requirements.
Last year, the firm sold just 54.45% of the 8 billion shares in an initial public offering meant to raise 800 billion Ugandan shillings ($216.22 million).
The goal was to comply with the Uganda's broadband policy that mandates telecom firms to list at least 20% of their equity on the local bourse.
"Our duty is to comply with national regulations and we'll comply within the timeframe of two years," Airtel Uganda spokesperson David Birungi said by phone. The company is aiming to meet the target by November 2026, he noted.
Airtel is Uganda's second biggest telecom operator after MTN Uganda, a local unit of South Africa's MTN Group.
Last month MTN Uganda said it conducted a sale on the secondary market of its shares left over from its IPO in 2021.
($1 = 3,700.0000 Ugandan shillings)
(Reporting by Elias Biryabarema; Editing by Bhargav Acharya and Richard Chang)
