Wednesday, August 17, 2022
Home > Markets > Male Mabirizi Case Seeking To Stop MTN IPO Dismissed, Listing To Proceed
MarketsNews

Male Mabirizi Case Seeking To Stop MTN IPO Dismissed, Listing To Proceed

Lawyer Male Mabirizi

On 25th October 2021, an application was filed by Male H. Mabirizi Kiwanuka (the applicant) seeking judicial review orders against the Capital Markets Authority (CMA)  decision to approve the MTN Uganda prospectus, in respect to its Initial Public Offer (IPO) of 4,477,808,848  ordinary shares to the public in the High Court of Uganda (Civil Division).

The application before Court was challenging the decision of the CMA to approve the MTN prospectus.

The CMA was ably represented by the Attorney Generals Chambers.

The ruling on the matter was delivered by Justice Phillip Odoki on Friday November 26th 2021.

In reaching its decision, Court examined the powers and duties of the CMA, whether the applicant had the locus standi (a basis in law) to file the application and any connection between the applicant and the respondent.  The application was dismissed with costs to the CMA.

The applicant proceeded after the ruling to request a temporary injunction to restrain the CMA from extending

the MTN Initial Public Offer (IPO) window and from the eventual listing of the MTN shares on the stock  exchange.

Prayers for the injunction were heard and disposed of.

The High Court dismissed the application, holding that it was highly irregular and its grounds were not stated or proved.

Taddewo William Senyonyi
https://www.facebook.com/senyonyi.taddewo
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

One thought on “Male Mabirizi Case Seeking To Stop MTN IPO Dismissed, Listing To Proceed

Leave a Reply

Your email address will not be published.