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TodayMonday, May 04, 2026

Crested Capital

UMEME’s share price climb signals investor focus shifting from an expired concession to the London arbitration, where potential compensation and settlement outcomes could unlock significant post-concession value.
UMEME’s share price climb signals investor focus shifting from an expired concession to the London arbitration, where potential compensation and settlement outcomes could unlock significant post-concession value.

UMEME’s Share Price Surge: What is the Market Beginning to Price In?

When UMEME’s concession ended in March last year, the market assumed finality. Power lines would keep running, but value, many believed, had gone with the concession. The share price, according to an
January 2, 2026
A photo collage of Bank of Baroda Managing Director Shashi Dhar, Quality Chemical Managing Director Ajay Kumar Pal, Stanbic Holdings Chief Executive Francis Karuhanga, Umeme Managing Director Selestino Babungi, and Airtel Uganda Managing Director Soumendra Sahu. The five companies delivered standout returns for the period between January and September 2025.
A photo collage of Bank of Baroda Managing Director Shashi Dhar, Quality Chemical Managing Director Ajay Kumar Pal, Stanbic Holdings Chief Executive Francis Karuhanga, Umeme Managing Director Selestino Babungi, and Airtel Uganda Managing Director Soumendra Sahu. The five companies delivered standout returns for the period between January and September 2025.

Black Diamonds: Five Stocks that Beat Bonds and NSSF in Returns

The stock market continues to deliver standout opportunities for investors. Five locally listed companies posted exceptional returns that outpaced both government bonds and the National Social Security Fund (NSSF). The latest edition
October 2, 2025
A photo collage of top performing CEOs with highest total shareholder returns. Umeme MD Selestino Babungi, Airtel MD Soumendra Sahu, Bank of Baroda MD Shashi Dhar, Stanbic Bank CEO Mumba Kalifungwa, and Quality Chemicals' boss, Ajay Kumar Pal.

Dividend Power: Crested Capital Names the Black Diamonds of the USE at HI2025

Crested Capital has released its mid-year report card on the performance of local counters on the Uganda Securities Exchange (USE), highlighting the stocks delivering the highest total shareholder returns (TSR) in the
August 27, 2025
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Driving MTN Uganda’s record-breaking year: Richard Yego (CEO, MTN MoMo), Sylvia Mulinge (CEO, MTN Uganda), and Andrew Bugembe (CFO, MTN Uganda) led the charge behind UGX 641.5 billion in profit and UGX 506 billion in shareholder dividends. Yet, looming over this strong performance is a strategic pivot that has analysts sounding the alarm: the planned spin-off of its fintech arm—MoMo—could significantly alter the company’s growth trajectory and valuation dynamics.

MTN Uganda’s Record Profits Face Uncertain Future Amid Fintech Spin-Off

MTN in 2024 delivered yet another solid year, cementing its place as Uganda’s most profitable and actively traded listed company. With double-digit revenue growth and record earnings, the telecom giant showcased operational
June 24, 2025
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Umeme Managing Director, Selestino Babungi. Umeme is yet to publicly articulate how it intends to return value to shareholders during this transitional period—whether through special dividends, share buybacks, or another mechanism. Without clarity, market confidence is likely to deteriorate further.

No Light at the End of the Tunnel: Chaotic Umeme Exit Leaves Investors Guessing In the Dark

Umeme Limited, once the crown jewel of Uganda’s stock market, has left shareholders bewildered and disappointed following a turbulent 2024 marked by a record loss, an unexpected dividend freeze, regulatory concerns, and
June 24, 2025
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A photo collage of Japhet Aritho, Managing Director, Airtel Mobile Commerce Uganda Limited and MTN Mobile Money Managing Director, Richard Yego.

Uganda’s Fintech Rivalry: MTN MoMo Pulls Ahead in Size, Airtel Money Scores on Margins

In Uganda’s fast-evolving digital financial landscape, two telecom titans—MTN MoMo and Airtel Money—are locked in a high-stakes, trillion-shilling duel. Their battlefield? Mobile money. Their weapons? Revenue, reach, profitability, and performance. The recently
June 24, 2025
Uganda’s Q1 Stock Market Champions: Airtel Uganda, QCIL, Stanbic, and Bank of Baroda have been named to Crested Capital’s inaugural Black Diamonds list after delivering total shareholder returns above 25% — outshining government securities in the first quarter of 2025.

Airtel, Quality Chemicals, Stanbic Uganda and Bank of Baroda Make It to Crested Capital’s Q1 2025 Black Diamonds List

Crested Capital, a leading investment advisory firm and licensed broker on the Uganda Securities Exchange (USE), has unveiled the inaugural edition of its “Black Diamonds” list — a quarterly watchlist of top-performing
April 8, 2025
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A photo collage of Selestino Babungi and State Minister for Finance, Mr Henry Musasizi, who presented ast week tabled a proposal that sought Parliament’s approval to borrow $190.9m (about UGX702.7 billion) through a syndicated arrangement with Stanbic Bank Uganda.

What does the UGX700 billion buyout mean for Umeme shareholders?  

Now that we know we have an idea of the Umeme buyout amount, what could be in it for shareholders? Umeme has since last year been one of the most active counters
February 24, 2025
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