NSSF receives sh50.3b return on Airtel IPO investment
Currently, NSSF has a 10.55% stake. The fund invested about sh199b during the IPO, becoming the second largest shareholder in Airtel. The listing attracted more than 4,600 new shareholders.
Patrick Ayoya (L), managing director at NSSF, receives a sh50.3b cheque from Airtel Uganda's managing director. (Photo by Ali Twaha)
By Ali Twaha and Chosen Kuteesakwe
Journalists @New Vision
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The National Social Security Fund (NSSF) has received sh50.3b dividend cheque from Airtel Uganda for its investment during the initial public offering (IPO) nearly 18 months ago.
Airtel listed on the Uganda Securities Exchange (USE) in November 2023, raising slightly over sh211b and a subscription rate of about 54.45%.
Currently, NSSF has a 10.55% stake. The fund invested about sh199b during the IPO, becoming the second largest shareholder in Airtel. The listing attracted more than 4,600 new shareholders.
Speaking during the dividend cheque handover ceremony at Sheraton Hotel on June 20 in Kampala, Patrick Ayota, managing director at NSSF said the Fund's participation in the IPO is rooted in confidence and consistent strong performance of the telecom firm.
Patrick Ayota, MD at NSSF. (Photo by Ali twaha)
“Airtel presents a long term growth opportunity for us, given its consistently impressive business and financial performance over the years. We commend the management of Airtel Uganda for its commitment to creating shareholder value while also focusing on the long-term growth of the company,” he said.
Soumendra Sahu, managing director at Airtel Uganda said: “Today marks a proud moment as we fulfil our promise to our shareholders. This dividend handover reflects how Airtel and NSSF are building a stronger economy, empowering workers, supporting families, and contributing to Uganda’s growth.”