Shareholders of MTN Uganda have overwhelmingly re-elected Charles Mbire as Board Chairman, reaffirming strong confidence in his leadership during the company’s Annual General Meeting (AGM) held on Friday morning.

Mbire secured an emphatic 99 percent of shareholder votes, earning a fresh three-year term at the helm of the telecom giant. The resounding endorsement reflects investor satisfaction with his stewardship and the company’s sustained growth under his guidance.

In the same meeting, David Ogong, who chairs the National Social Security Fund (NSSF), was appointed as a new director on the MTN Uganda board, further strengthening institutional representation at the company’s top decision-making level.

Under Mbire’s chairmanship, MTN Uganda has consolidated its position as the country’s leading telecom operator, maintaining dominance in both voice and data services. Shareholders credited his strategic leadership for navigating a competitive market environment while delivering consistent performance and expansion.

The company remains a key player on the Uganda Securities Exchange (USE), where it continues to attract significant investor interest.

MTN Uganda’s robust performance has been mirrored on the stock market, with its share price recording a strong upward trend in recent months. The stock rose from Shs312 in November 2025 to Shs428 in February 2026, before climbing further to Shs470 in March.

This represents a gain of Shs158 per share, marking one of the most notable rallies on the USE during the period and reinforcing investor confidence in the company’s outlook.

NSSF stake surges past Shs1.2 trillion
The NSSF, MTN Uganda’s largest local institutional investor, holds a 10.7 percent stake equivalent to 2.63 billion shares. At the current market price of Shs470 per share, the Fund’s investment is now valued at approximately Shs1.236 trillion (about $347 million).

The recent surge in share price has generated gains of roughly Shs415.5 billion (about $117 million) for the Fund between November and March, highlighting the significant returns accruing to Uganda’s pension savers.

Mbire, who also holds a 4 percent stake in MTN Uganda—equivalent to 895.6 million shares—has seen the value of his investment rise to approximately Shs420.4 billion (about $118 million).

Since November, the appreciation in the company’s share price has increased the value of his holdings by about Shs141.5 billion (roughly $39.7 million), underscoring the scale of wealth creation driven by the telecom’s strong market performance.

The decisive shareholder vote and continued stock market momentum position MTN Uganda for sustained growth. With strengthened board leadership and strong institutional backing, the company is expected to maintain its trajectory as one of the most valuable and influential firms on the Uganda Securities Exchange.