Charles Mbire, a leading businessman and the wealthiest investor on the Uganda Stock Exchange, has recently witnessed a significant decline in the market value of his stake in MTN Uganda due to the sustained slump in the telecom company’s share price.
According to data tracked by Billionaire.Africa, the market value of Mbire’s 3.99-percent stake in MTN Uganda has declined by Ush8.74 billion ($2.3 million), over the past three weeks, amid sustained decline in MTN Uganda’s shares on the Uganda Stock Exchange, mirroring the prevailing bearish sentiment in the Ugandan market.
MTN Uganda, a subsidiary of the MTN Group, has firmly established itself as the leading telecom operator in Uganda, serving an impressive 97 percent of the population. With a subscriber base of more than 17 million, the company has solidified its presence in the country.
However, the past three weeks have seen MTN Uganda’s shares decrease by 5.43 percent, falling from Ush179.76 ($0.0476) to Ush170 ($0.0449) since Oct. 19. This decline has resulted in losses for shareholders, including Mbire.
As a result of this single-digit percent slump, the market value of Mbire’s stake in the telecom service provider has decreased by Ush8.74 billion ($2.3 million) over the past three weeks. His stake, valued at Ush160.98 billion ($42.56 million) on October 19, has now slumped to Ush152.25 billion ($40.25 million) at the time of writing.
The decline in the market value of Mbire’s MTN Uganda stake underscores the challenges faced by investors in the Ugandan market due to the recent bearish sentiment. Despite this setback, MTN Uganda continues to lead the telecommunications industry in the country and remains a significant player on the Uganda Stock Exchange.
