The MTN stock price dropped marginally by 1.27% to close the day sh188.12 per share at the Uganda Securities Exchange (USE) ahead of its inaugural general members meeting on Friday. 

The MTN counter traded sh8m in value during the Thursday's trading session at the bourse. This will be the first shareholders' gathering since the telecom went public on December 6, 2021. 

At the annual meeting, management will be seeking approval from shareholders to pay a final dividend of sh4.70 per share for the financial year ended 2021, following a 5.8% increase in profitability. 

MTN raised more than sh535b in its initial public offering (IPO), attracting close to 20,000 new retail investors to the market. 

Meanwhile, at the USE, market turnover on Thursday (May 26) dropped to sh39m from sh243m previously as 1.6 million shares exchanged hands across four counters during the day.  

Uganda Clays exchanged the most value of sh27m in turnover. Stanbic moved sh2m and Cipla traded sh1m. 

Cipla’s share price depreciated by 12.03% to sh70.38, Uganda Clays was down by 4.74% to sh18.10, while Stanbic remained unchanged at sh23. 

According to data from a licensed stockbroker, the USE All Share Index dropped 0.72% to 1205.50.