In June, Financial Sector Deepening (FSD) Uganda launched a Deal Flow Facility (DFF) to increase investment in medium to large companies in Uganda. Funded by the European Union (EU) and in collaboration with the Capital Markets Authority (CMA), the facility is expected to help Ugandan companies become “investment ready”. This will be done by actively match-making these companies to long-term investment capital, to allow businesses to focus on growth rather than short-term funding needs. In addition to matchmaking, the facility will provide business development services to at least 220 companies over a five-year period, with the first cohort expected to…
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Capital Markets Authority (CMA) has launched a four–year strategic plan under the theme “Fostering Inclusive growth, protecting investors”. This was held at Mestil Hotel, Kampala with key stakeholders in the Industry in attendance as enablers to make it possible for all parties to achieve their goals. According to Keith Kalyegira, the CEO, Capital Markets Authority, the strategic development plan will focus on strengthening the authority’s oversight, institutional excellence, and promotion of economic development through the creation of a competitive and inclusive environment for businesses and government to access market–based financing. “We are hoping to roll out all this as per the…
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The Capital Markets Authority (CMA) and the Uganda Manufacturers Association (UMA) have signed a Memorandum of Understanding (MoU) that will enable Uganda’s manufacturing sector to take advantage of customized training on the various options for raising long-term capital to bolster their uptake of non-bank, market-based financing that best fits their needs. Keith Kalyegira, the CMA Chief Executive Officer said the MoU will enable the CMA and UMA to consult, exchange information, and cooperate closely to expose UMA members to alternative means of meeting their financing needs, by tapping into both private and public markets. “Following the signing of this…
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The High Court, on Thursday, 19th December 2019 temporality stopped Capital Markets Authority (CMA) from cancelling the license of ALTX East Africa Limited until the main suit, challenging the legality of the closure itself if heard and disposed of. In this earlier interview with CEO East Africa Magazine, CMA chief, Keith Kalyegira explains why ALTX East Africa was being shown the exit and dismisses claims that they were never given time to defend themselves.
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The High Court, on Thursday, 19th December 2019 stopped Capital Markets Authority (CMA) from cancelling the license of ALTX East Africa Limited. Launched in 2014, by Joseph Kitamirike, the former CEO of Uganda Securities Exchange, ALTX is Uganda’s first automated stock brokerage service that did not require prospective investors to go through stock brokers, but instead offered digital channels such as mobile phones and the internet to buy and sell shares. On 25 February 2019, ALTX announced that it had pioneered mobile money payments for the purchase of securities, allowing investors to invest for as little as UGX10,000 a…
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Joseph Kitamirike, the Chief Executive Officer of the troubled securities trading firm, ALTX East Africa Limited has contested his firm closure by Capital Markets Authority (CMA), saying that the regulator did not follow the law. The regulator, in a 19th November, 2019 media notice announced that “pursuant to Section 24 (7) of the Capital Markets Authority Act, the Board of Capital Markets Authority had cancelled the approval of ALTX East Africa Limited to operate a securities exchange In Uganda.” “The cancellation shall take effect upon the expiry of three months from the date of publication of this notice in the…
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In the face of high cost of financing especially in Sub-Saharan Africa and the relatively short term nature of commercial bank financing, capital markets become a considerable way of raising growth capital from the vast and growing pools of patient capital that exist regionally and globally- Keith Kalyegira, the CEO of Capital Markets Authority (CMA) writes. However entrepreneurs in need of this expansion capital must be ready to raise their level of compliance with good corporate governance practices as required by prospective investors.
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