Business
(Nigel Jarred/Getty Images)
A busy day in corporate news saw MTN announce it would sell part of its Ugandan operations and it was announced that the Ackerman family would finally give up control of retail giant Pick n Pay. In international news, Elon Musk’s xAI secured significant new funding and plans a “gigafactory of computing” to train artificial intelligence models.
Mobile operator MTNThe company said on Monday it was selling about 7% of MTN Uganda shares for about R1.3 billion, expanding the company’s local shareholder base. The offering price for the roughly 1.57 billion shares is 170 Ugandan shillings, or 82 cents, per share. During its initial public offering in October 2021, the Uganda Stock Exchange allowed an exemption of only about 13% free float, but MTN said it wanted to offer Ugandan retail and professional investors, including MTN Uganda’s loyal customers, the opportunity to own shares in the company and participate in its future growth.
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