By Silvia Nyambura
The Uganda Securities Exchange (USE) has resumed trading of power utility company Umeme shares after Umeme Holdings Limited (UHL), Actis’ holding company for Umeme, divested its remaining 14.3% in the company to institutional and retail investors.
National Social Security Fund (NSSF), acquired 7.5% of the 14.3% stake on offer at Ushs 59.4 billion, effectively increasing the Fund’s total stake in Umeme from 15.5% (251,951,071 shares) to 23% (373,771,921 shares). This makes the Fund Umeme’s majority shareholder.
Addressing the media at the USE offices this morning, Selestino Babungi, Umeme Managing Director, described NSSF’s investment as a strong statement of the confidence it has in Umeme and its management.
“We are proud of the Umeme brand and its ability to attract credible investors due to our high standards of corporate governance, our highly talented team and our immense contribution to the growth of the energy sector. Our growth is indicative of Uganda’s powerful macroeconomic story, which is why credible investors are looking for an opportunity like this to invest in the company. We would like to reassure our customers, employees, shareholders and the general public that the transaction will not impact in any way on the operations of Umeme or its commitments under its respective licenses and agreements,
