The MTN IPO returns 2.9 Billions

MTN IPO shares

The MTN IPO retuned 2.9 billion shares out of the 4.5 billion that had been on offer.

The 2.9 billion share return indicates an undersubscription but was, however, above the 25 percent threshold or approximately 1.1 billion shares, which is the acceptable performance by Capital Markets Authority.

It is the first time an IPO has underperformed in the history of the USE since it was established in 1997.  

>>Katale UG 

In other news: Democratic Republic of Congo hands over crucial sites to a ugandan construction firm.

Dott Services Ltd, a Ugandan construction firm,

The Democratic Republic of Congo (DRC) has officially handed over crucial sites to Dott Services Ltd, a Ugandan construction firm, to commence the long-awaited surfacing of the 223km-road network in eastern DRC.

According to the statement released by the Works ministry last evening, the construction is expected to start this week.

The DRC roads to be constructed include Mpondwe/Kasindi- Beni (80km), Bunagana-Rutshuru-Goma road (89km) and Beni-Butembo Axis (54km). 

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