The firm is a member of the Nairobi Securities Exchange (NSE), Uganda Securities Exchange (USE), and Rwanda Stoch Exchange, and operates in East Africa through wholly-owned subsidiaries in Kenya, Uganda, and Rwanda (RSE).
The aforementioned deal is expected to be the largest in the Ugandan market, ensuring a large check for Mbaru’s company. The IPO is intended to boost the number of retail investors on the Uganda Stock Exchange (USE) from 40,000 to 200,000.
Dyer and Blair began as a partnership of stockbrokers Hickman and Grey in Nairobi in 1954. Derek Ingram Dyer and Patrick Murdoch Blair took over the corporation in 1956, before it was purchased by KCB in 1973.
Since taking over in 1983, Mbaru has been involved in some of the largest deals involving publicly traded companies in East Africa. In 2004, it became a full-fledged licensed investment bank.
MTN Uganda, a subsidiary of the MTN group of South Africa, is Uganda’s largest telecom by market share. After gaining regulatory permissions, it listed its ownership on the Uganda Securities Exchange (USE) on Monday, October 11.
The initial public offering is projected to garner Ksh 132 billion. The principal retail broker has been chosen as Dyer and Blair Uganda. Kenyan investors will be able to participate in the IPO through SBG Securities and Dyer and Blair, which is the primary broker.
“MTN group (has) appointed SBG securities Uganda Limited as transaction adviser and lead sponsoring broker, S&L advocates as legal advisers, KPMG Certified Public Accountants as reporting accountant, Crested Stocks and Securities Limited and Dyer and Blair Uganda Limited as lead retail brokers and equity stockbrokers UGanda Limited and UAP-Old Mutual Financial Services Uganda Limited as selling agents,” the firm noted in its IPO prospectus.
Kenyan investors have continuously benefited from Initial Public Offering innitiatives by MTN Uganda. For instance; on October, 5th 2021, the sibsidiary confirmed that they had received approvals to list 20% of their shareholding, allowing Kenyans and other investors from East Africa to take part in the IPO.
