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Mr Museveni shakes hands with the MTN Group CEO in Switzerland. PPU PHOTO

Museveni Tells MTN Group Boss to Sell Shares to Ugandans

posted onJanuary 24, 2019

By Kampala Post Reporter

DAVOS. President Museveni who is in Davos, Switzerland for the World Economic Forum has met the MTN Group Chief Executive Officer, Rob Shuter, discussing with him an array of issues.

Mr Museveni advised MTN to work towards floating shares on the Uganda Stock Exchange so that Ugandans can partly own the company.

“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,” the president said in a statement posted on his social media platforms.

It is for this reason, the president added, “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.”

Mr Museveni further noted that in his meeting with Mr Shuter, he also warned against telecoms under-declaring calls and cheating 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,” said Mr Museveni.

President Museveni also paid a courtesy call on Prof Klaus Martin Schwab, the founder and executive chairman of the World Economic Forum, at his offices in Congress Building, Davos, Switzerland.

"We discussed a range of issues, including the global push for the 4th industrial revolution, though I insist that gaps of the 2nd and 3rd revolutions in places like Africa must be plugged for proper development to happen," said Museveni in a statement.

Museveni also told Prof Schwab that Uganda is ready and willing to host the next World Economic Forum on Africa. The last forum was held in South Africa. It will be an honour to host a meeting of such significance, said Museveni.

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