The Capital Markets Authority and the Uganda Securities Exchange have finally approved the long-awaited UMEME Initial Public Offer.The double approvals effectively kick-start the power distributor’s capital raising initiatives on the USE and later on the Nairobi Stock Exchange, starting on Monday.
This means UMEME’s will now have a 38.6 per cent share capital.
UMEME general manager Charles Chapman say 20% of the shares will go to individual buyers, 20% to institutional investors, while 46% have been offered to foreign investors and another 9% has been set aside for UMEME employees and directors.
Chapman adds that the IPO will make UMEME stronger, more transparent and more accountable to their customers, employees and shareholders.
UMEME is 100% owned by Actis, with $5b funds under management.
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