The cross-listed company had announced board changes to reflect new shareholding after major owner UK private equity firm Actis began gradual exit.
Umeme did not confirm if the two appointments were to represent the new shareholding but Mr Kyayonka is Uganda NSSF current chairman. Mr Faling is a South African who has served on the board of troubled utility firm Eskom.
Cross-listed Ugandan power distributor Umeme has filled board positions left vacant on exit of two directors last November.
Piet Faling and Ivan Kyayonka have been appointed non-executive directors to replace Younes Maamar and Ian Francis representing Actis who resigned in late November following a major change in ownership structure.
The cross-listed company had announced board changes to reflect new shareholding after major owner UK private equity firm Actis began gradual exit.
“The above appointments are in line with the company’s board composition strategy to include executive, non-executive and resident directors and in broadening its shareholder representation,” said the company in a statement.
Actis had a 60.08 per cent shareholding in Umeme but sold most of it to institutional and retail investors, reducing its stake to 14.30 per cent by June last year.
London and Johannesburg-listed Investec Asset Management became the largest shareholder with 18.47 per stake while Uganda National Social Security Fund (NSSF) was third largest with a 14.27.
Farallon Capital had a 7.82 per cent shareholding.
Umeme did not confirm if the two appointments were to represent the new shareholding but Mr Kyayonka is Uganda NSSF current chairman. Mr Faling is a South African who has served on the board of troubled utility firm Eskom.
Umeme is listed on the Uganda Securities Exchange and the Nairobi Securities Exchange.
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