By Our Reporter
The National Social Security Fund (NSSF) has received a cheque of Ushs 4,518,594,035 from the power distributor Umeme Limited as gross dividend payment for its 231,722,771 shareholding in the company.
NSSF is the third largest institutional investor in the utility distribution company, after purchasing an additional 100million shares in the company last year. This increased its stake to 14.27%. South African based Investec Funds and UK’s Actis are the other top investors in Umeme.
Handing over the cheque to the Fund’s Managing Director Richard Byarugaba, the Umeme Managing Director, Selestino Babungi described 2014 as a successful and eventful year for Umeme which witnessed a steady growth value to our shareholders.
Byarugaba reiterated that the Fund’s investment strategy is paying dividends, and Umeme is one such example.
“The numbers tell a story: we invested a total of Ushs 70.2 billion in Umeme, and have so far earned Ushs 13.6 billion as dividends. As at June 30, 2015, the capital gains stood at Ushs 44.5 billion and the total value of our investment at Ushs 114.7 billion. By any measure, an 83% return since we invested in Umeme is outstanding,
