CMA approves Umeme shares listing at Nairobi bourse
Capital Markets Authority (CMA) on Thursday authorised the listing of Uganda’s power distributor on the Nairobi Securities Exchange, a move that will bring the number of listed firms at the bourse to 61. File
The Capital Markets Authority (CMA) on Thursday authorised the listing of Uganda’s power distributor on the Nairobi Securities Exchange, a move that will bring the number of listed firms at the bourse to 61.
Shares of Umeme, which is the power distributor in East Africa’s third largest economy, started trading at the Uganda Securities Exchange (USE) on November 30, marking the end of its initial public offer (IPO) that started on September 20.
“The Authority has granted approval following thorough review of the applicant’s documents and is satisfied that Umeme Limited has adequately disclosed all material information in accordance with the requirements of the Capital Markets Act,” said CMA in a statement.
A total of 622.37 million shares were on sale comprising of 272.37 million subscription shares issued by the power distributor and 350 million sale shares being sold by Umeme Holdings which is owned by London based private equity fund Actis.
The IPO increased the number of shareholders of the power distributor to 6,471 from seven and the share has been fluctuating between Sh9 (Ushs275), its offer price and Sh9.81 (Ushs300).
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