Uganda’s largest power producer, Umeme, has announced plans to list on the Nairobi Securities Exchange and the Uganda Securities Exchange through an initial public offering (IPO).
What you need to know:
Uganda Electricity Regulatory Authority numbers show that Umeme’s customers have been on a steady upward trend driven by the demand for power in East Africa’s third largest economy.
Uganda’s largest power producer, Umeme, has announced plans to list on the Nairobi Securities Exchange and the Uganda Securities Exchange through an initial public offering (IPO).
The company on Monday said that it was looking to sell its shares by the end of this year subject to getting approvals for the share sale, which will be done on the Nairobi and Kampala bourses.
Uganda Electricity Regulatory Authority numbers show that Umeme’s customers have been on a steady upward trend driven by the demand for power in East Africa’s third largest economy.
In the third quarter of last year the firm’s customers had risen to 443,653 from 315,249 in the first quarter of 2006.
The company, which is owned by Actis, a private equity firm based in London, said that it will use the funds raised in the IPO to fund expansion and efficiency projects and meet targets set out by regulators.
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