MTN Uganda shareholders have reappointed businessman Charles Mbire as the company board chairman.
Shareholders also approved the appointment of NSSF board chairman David Ogong as a new MTN director, amid strong investor confidence driven by a sharp rise in the company’s share price on the Uganda Securities Exchange and significant gains in institutional and individual shareholder wealth.
Decisions were taken during the company’s Annual General Meeting held on Friday morning.
According to the AGM resolutions, Mbire’s reappointment reflects sustained confidence in his stewardship of MTN Uganda, which shareholders credit with maintaining market leadership in voice and data services while navigating an increasingly competitive telecom environment.
His renewed mandate extends his role in guiding the company’s strategic direction, investor relations, and long-term growth agenda.
Under his chairmanship, MTN Uganda has retained its position as the country’s leading telecom operator, strengthening its dominance in both mobile voice and internet services.
Investors have pointed to consistent operational performance, expansion of digital services, and strong financial results as key outcomes of the leadership team during his tenure.
The company’s performance on the Uganda Securities Exchange has also mirrored investor optimism, with its share price rising sharply in recent months.
The stock moved from Shs312 in November 2025 to Shs428 in February 2026, before climbing further to Shs470 in March, representing a gain of Shs158 per share over the period and one of the strongest rallies on the exchange.
The surge in share value has significantly boosted institutional wealth, particularly for the National Social Security Fund, which holds a 10.7 percent stake in MTN Uganda equivalent to 2,629,607,810 shares.
At the current price of Shs470 per share, NSSF’s holding is now valued at approximately Shs1.236 trillion, reflecting an increase in investment value of about Shs415.48 billion between November and March.
Mbire has also seen a substantial rise in the value of his personal investment in the company.
He holds a 4 percent stake in MTN Uganda, equivalent to 895,561,810 shares, now valued at approximately Shs420.39 billion at the current market price.
This represents an increase of about Shs141.5 billion since November, underscoring the scale of wealth creation linked to the company’s recent stock performance.
The AGM further confirmed the appointment of Ogong to the MTN Uganda board, adding institutional investment and governance experience from his leadership role at NSSF.
Both Mbire and Ogong were central to the governance updates approved at the meeting as the company continues to consolidate its market position and deliver value to shareholders.