In brief

8 June 2018

Mergers, Acquisitions and Financial Results

Uganda Revenue Authority (URA) has ordered the closure of local MVNO K2 Telecom after the company failed to pay taxes for four years. K2, which is owned by the Buganda Kingdom, a semi-autonomous region in the south of Uganda, has racked up debts of over UGX95 million (USD25,000), according to a report from New Vision. A URA spokesperson said that the reseller will be allowed to commence operations again if it is able to clear the debt. K2 launched wireless services as Uganda’s first MVNO on 1 January 2013, utilising the network of Orange (now Africell).

South African mobile operator MTN is in the process of finalizing its plan to list on the Nigerian Stock Exchange, with the Nigerian IPO expected before the end of the year. While the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange have not yet received applications from MTN for the offer, an anonymous person working at MTN revealed that detailed work is underway in planning the IPO. The company still expects the listing to become a reality before the end of 2018.