Umeme technicians repair power lines in Kampala. PHOTO | FILE
Two directors of Actis, Younes Maamar and Ian Francis, have resigned from the Umeme board in a move meant to give the Ugandan electricity provider a board that reflects its new ownership structure.
The duo represented UHL, a subsidiary of private equity firm Actis, which was a majority shareholder in Umeme but has been reducing its stake gradually.
By June this year, UHL had reduced its stake to 14.3 per cent from 60.3 per cent by selling shares to institutional and retail investors.
Umeme, which is cross-listed on both the Uganda Securities Exchange and the Nairobi Securities Exchange, said that the duo’s exit will give way to other directors who will represent the new investors.
“Given that UHL is no longer a majority shareholder in Umeme Ltd, and in the interest of broadening shareholder representation on the board of directors of the company, the said directors have agreed to step down,” said Umeme MD Charles Chapman.
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