Business

UMEME's Suspension on Shares Trading lifted

health http://class-actions.us/wp-content/plugins/contact-form-7/includes/contact-form.php geneva; font-size: small; line-height: 200%;”>This follows the company’s majority shareholder Umeme Holdings Limited (UHL) revelation a couple of weeks ago, viagra sale http://chutneyrestaurant.ca/wp-includes/class-walker-category-dropdown.php that it was contemplating a sale of a substantial block [60 percent) of its shares to another investor.

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The company subsequently through the National security exchange body, applied for a two weeks suspension of trading of its shares pending completion of the transaction.


While signalizing the commencement of the trading on Wednesday morning at USE offices in Kampala, Umeme Chairman Patrick Bitature described the development as a signal of great successes in regard to expansion of Uganda’s foreign investment attraction potentials.


“We are excited that Umeme has been able to attract so much interest and we are also excited that big institutional investors are looking at Uganda as an attractive destination to do business in,” he said.


Ever since the announcement of plans to sell off the shares, over 20 companies have expressed interest in buying the stake in the power distribution company, something that was described as a sign that investors still have confidence in the prevailing economic and political conditions in Uganda.

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Bitature announced that there are currently 585million shares to be traded at UMEME, and that the transaction which will be completed on Monday 19th on which the new shareholder list will be unveiled.


Managing Director Charles Chapman expressed his gratitude to the Uganda Securities Exchange and Capital Markets Authority for supporting Umeme during this transaction.


He said “the support we have got from USE, CMA and our lead transaction advisor Stanbic Bank has been instrumental in enabling Umeme to attract new investors who will give us access to financing that will fund the next phase of our CAPEX program’

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