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MTN Uganda’s strong rally on the Uganda Securities Exchange (USE) continues to create significant wealth for its largest local shareholders, with the telecom’s share price climbing steadily from Shs312 in November 2025 to Shs428 in February 2026, and now reaching Shs470 in March.
The steady upward movement reflects sustained investor confidence in one of the most dominant counters on the local course.
From Shs312 to Shs428
Between November and early February, MTN Uganda’s share price rose by Shs116, moving from Shs312 to Shs428.
That initial surge delivered substantial gains for major shareholders, including the National Social Security Fund (NSSF) and businessman Charles Mbire.
From Shs428 to Shs470
The rally did not stop there. By March, the share price had climbed further to Shs470, extending the bullish run and reinforcing MTN Uganda’s position as one of the strongest-performing stocks on the USE.
Total Gain Since November: Shs158 Per Share
Overall, the stock has gained Shs158 per share from November’s Shs312 to the current Shs470 — a remarkable appreciation in just a few months.
NSSF’s Stake Surges Above Shs1.236 Trillion
NSSF, which holds a 10.7 percent stake equivalent to 2,629,607,810 shares, has seen the value of its investment rise sharply alongside the stock.
At the current price of Shs470 per share, the Fund’s total MTN Uganda holding is now valued at: Shs1,235,915,713,700 (approximately $347.12 million)
From November’s Shs312 to March’s Shs470, the Shs158 increase per share has generated a total gain of: Shs415,478,034,980 (approximately $116.96 million).
The development pushes NSSF’s MTN investment firmly above Shs1.236 trillion, strengthening its standing as the telecom’s largest local institutional shareholder.
Mbire’s stake Climbs to Nearly $118 Million
MTN Uganda board chairman Charles Mbire, who owns a 4 percent stake amounting to 895,561,810 shares, has equally benefited from the rally.
At Shs470 per share, the total value of his stake now stands at: Shs420,392,050,700 (approximately $117.97 million).
The Shs158 per share gain since November has increased the value of Mbire’s holding by: Shs141,498,765,980 (approximately $39.74 million).
Strong Momentum on the USE
The rise from Shs312 in November to Shs470 in March underscores MTN Uganda’s growing strength on the USE. For both institutional investors like NSSF and influential shareholders such as Mbire, the sustained rally highlights how quickly value can expand when market confidence remains strong.
