Telecommunication companies, existing and new, must list 20% of their stake on local securities exchange to renew or obtain a national telecom operator license. 
"PART IV: Licensing of Communications
Radio, telecommunications and other communications licenses [...]
22. Licence for telecommunications.
A person shall not, establish a telecommunications station, provide telecommunications services or construct, maintain or operate telecommunications apparatus without a licence issued by the Commission. [...]" (Uganda Communications Act, 2013)
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"PART A: Description of Telecom Licenses
License Category: National Telecom Operator (NTO) license
License Description: This licence shall be granted to an operator that demonstrates financial and technical capacity to establish and operate a telecommunications network spanning across the entire geographical boundary of Uganda. The NTO license will allow the license holder to establish and provide both telecommunication infrastructure and services across the entire country.The NTO license shall be for a period of 20 (twenty) years, renewable in accordance with the Uganda Communications Act 2013. The following are some of the salient features of this license: [...]
(e) The licensee shall be required to list at least 20% percent of its shares on the Uganda Securities Exchange (USE) within two (2) years from the date of grant/ issuance of license. This shall be undertaken in accordance with the existing listing rules as prescribed by the Uganda Capital Markets Authority. [...]" (Uganda Communications Commission (2023), "Description of Telecom Licenses and Authorisations"). 
Uganda Communications Act, 2013
Uganda Communications Commission (2023), "Description of Telecom Licenses and Authorisations"
[<a href="https://www.ucc.co.ug/wp-content/uploads/2023/10/UCC-Act-2013.pdf">Act</a>],[<a href="https://www.ucc.co.ug/wp-content/uploads/2023/10/DESCRIPTION-OF-TELECOM-LICENSES-AND-AUTHORISATIONS.pdf">Description</a>]