Tigo IPO expected by mid-year

15 Apr 2019

Millicom Tanzania (Tigo), the local mobile unit of Millicom International Cellular (MIC), plans to list 25% of its shares on the Dar es Salaam Stock Exchange (DSE) by the end of June, reports The EastAfrican. In June 2016 an amendment to the Electronic and Postal Communications Act of 2010 made it a legal requirement for the country’s telecoms operators to float 25% of their shares on the DSE, but Tigo’s listing process was delayed by a shareholder dispute, which was resolved in August 2018.

‘We are working closely with the regulatory bodies and conducting the necessary discussions to ensure we can successfully change from a private limited company to a public entity by the end of June,’ Umi Mtiro, Tigo’s internal communication manager, was quoted as saying. ‘Tigo Tanzania will offload a 25% stake as the law requires.’ Mobile market leader Vodacom Tanzania was the first – and to date, only – operator to meet the requirements, having concluded its initial public offer (IPO) in August 2017.

Tanzania, Millicom International Cellular (MIC), Millicom Tanzania (Tigo)