Charles Mbire

Mbire owns 3.98 percent of the telecom company.

The surge in earnings was driven by an 11-percent increase in service revenue and a 45-percent increase in data revenue.

Mbire’s 3.98-percent equity position in MTN Uganda is valued at $44.35 million.

The share price in the leading telecom company has increased by a single digit in just two days.

The public offering was the largest-ever in the history of Uganda.

MTN Uganda will be the fourth operating subsidiary of the South African MTN Group to be listed in Africa.

Mbire said the listing reaffirms its commitment to expanding investment opportunities for Ugandans.

MTN Uganda has been operating in Uganda since 1998 when it acquired a 20-year license.