Kampala, Dec 31 – MTN Uganda, the country’s largest telecom operator, has secured a 370 billion Ugandan shilling ($100 million) syndicated loan to fund network expansion, the company announced on Tuesday.
The loan, arranged with five banks, including Standard Chartered, Citibank, and Standard Bank, was denominated in Ugandan shillings. MTN Uganda, a subsidiary of South Africa’s MTN Group, serves approximately 21 million subscribers and competes mainly with Bharti Airtel’s local operation.
The loan was oversubscribed, signaling strong confidence from lenders in MTN Uganda’s potential and its commitment to growing digital and financial services.
In June, MTN Uganda sold remaining shares from its 2021 Initial Public Offering on the Ugandan stock exchange, leaving the parent company with a 76% stake.
