Actis To Sale Stake In Umeme As Company Suspends Trading

Comments 1619 Views Kampala, Uganda

In short
Actis, the largest shareholder in Umeme is planning to sale a stake in the company, a notice issued to the Uganda Securities Exchange (USE) reveals. Actis owns 60.08percent shares in Umeme, through a holding company known as Umeme holdings.

Actis, the largest shareholder in Umeme is planning to sale a stake in the company, a notice issued to the Uganda Securities Exchange (USE) reveals. Actis, a British private equity firm owns 60.08percent shares in Umeme, through a holding company known as Umeme Holdings.
 
In the notice to the USE, Umeme, the electricity distributor, revealed how it was “contemplating the sale of a substantial block of its shares in the company to a select institutional investors, non-institutional investors and management of the company.” Umeme listed on the USE in November 2012 when it sold 39percent of the company to the public.
 
The company requested that trading of shares on the USE be suspended for the next two weeks as they conclude the sale. The regulator granted them the permission to put the trading of shares on hold in order not to disrupt the price of the company’s share. That means for NSSF, which owns 8.1percent of Umeme shares, it will not be able to trade them if it wanted for the next two weeks.
 
Shares had closed on Monday trading at 360 Uganda Shillings per share down from 365 Uganda Shillings that it had been trading at for the last three months. Umeme is also waiting for the decision of cabinet on whether to cancel the concession as parliament had recommended.

 

Mentioned: umeme

Comments