Airtel Uganda has paid a dividend cheque of Shs 50.3 billion to the National Social Security Fund (NSSF).
This significant payout follows NSSF’s strategic acquisition of shares in Airtel Uganda during the company’s sale of shares at its initial public offering (IPO). This payout follows Airtel’s 2023 decision to list its shares on the Uganda Securities Exchange, the second telecom company to do so.
The company offered 8 billion ordinary shares representing 20 per cent of its equity at Shs 100 per share. Airtel’s IPO raised Shs 211.4 billion, below the Shs 800 billion target. However, it attracted 4,614 new shareholders, marking a significant milestone in the company’s commitment to local ownership and capital market development.
While making the payment to NSSF, Som Soumendra, the managing director of Airtel Uganda, stated that the dividend handover reflects how the telecom company and NSSF are building a stronger economy, empowering workers, supporting families and contributing to Uganda’s growth.
He noted that the moment represented progress for Airtel Uganda, NSSF and for the many Ugandans whose futures are being built through constant saving with the Fund.
“As NSSF moves towards its Vision 2035 of growing assets to Shs 50 trillion, double coverage and reach 95 per cent customer satisfaction, we are ready to support this journey,” he said.
Soumendra added: “NSSF’s participation in the Airtel Uganda IPO reflects confidence in the strength of Uganda’s financial sector. At Airtel, we are helping grow this sector by extending digital and financial services to every corner of the country. We remain committed to protecting our shareholder value while delivering on our purpose to transform lives as we connect people, business, and communities.”
Receiving the cheque, NSSF managing Ddrector Patrick Ayota commended Airtel Uganda for its performance and commitment to its shareholders.
“This dividend is a welcome return on our members’ savings. Our investment in Airtel Uganda is aligned with our strategy to diversify our portfolio and secure profitable returns for the benefit of our members,” said Ayota.
“Seeing a return like this reinforces our decision and demonstrates the value of investing in strong, well-managed local companies. This income will be duly credited to our members.”
During Airtel’s 2023 listing, the National Social Security Fund (NSSF) took up a 10.5 per cent stake in Airtel Uganda, becoming the second-largest shareholder of the telecom company.
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