President Museveni has advised the MTN Group Chief Executive Officer, Rob Shuter to float shares on the Uganda Stock Exchange so that Ugandans can partly own the company.
Museveni said this while meeting the MTN Group Chief Executive Officer in Davos, Switzerland.
“In Davos, Switzerland, I met the MTN Group Chief Executive Officer, Rob Shuter, discussing with him an array of issues. I advised MTN to work towards floating shares on the Uganda Stock Exchange so that Ugandans can partly own the company,” said the President.
Museveni further added that;
“Local ownership is important because it helps us stem capital flight which happens when the company is fully foreign owned. The question of repatriating 100% of your profits yet there is little value-addition and wealth creation for Ugandans is unfair.”
“I also warned against telecoms under declaring calls and cheating our government of revenue. We have bought machines to track these calls but it is still important that the companies do not engage in this vice.”
Museveni also revealed that the government is moving to ban foreign based betting companies because of capital flight.
“It is for this reason that we are banning registration of new fully-owned foreign betting companies while the old ones will not have their licences renewed. All they do is accumulate money from Ugandans then ship it out of the country.”