The High Court has dismissed an application seeking judicial review orders against the Capital Markets Authority (CMA’s) decision to approve the MTN Uganda prospectus.

The application filled by Male Mabirizi Kiwanuka in respect to MTN’s Initial Public Offer (IPO) of 4,477,808,848 ordinary shares to the public was challenging the decision of the CMA to approve the MTN prospectus.

The ruling on the matter was delivered by Justice Phillip Odoki.

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 (Mabirizi) and the respondent.

The application was dismissed with costs to the CMA.  

Mabirizi noted that he intends to make an appeal to the Court Appeal of Uganda against the ruling.  

MTN embarked on the allocation of shares to potential Ugandan retail and professional investors following the close of applications for shares on November 22.