Telecom firm MTN Uganda (MTNU.UG), opens new tab plans to sell shares left over from its deeply undersubscribed 2021 Initial Public Offering to local investors to expand local ownership and comply with regulatory requirements, it said on Saturday.

The Uganda unit of South Africa’s MTN Group (MTNJ.J), opens new tab has received regulatory approval for the extra share sale, MTN Uganda said in a statement published in The East African newspaper.

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When it listed on the Ugandan stock market three years ago, MTN Uganda sought to sell 20% of its shares to local investors to fulfil regulatory requirements, but only met 60% of that target.

MTN Uganda said it will sell the shares on the secondary market of the Uganda Securities Exchange (USE) between May 27 and June 10.

The company has a subscriber base of about 15 million people and also offers mobile money financial services. Its main competitor is the local unit of Bharti Airtel.