Umeme Limited’s share gained 40.3 percent last week in trading at the Nairobi Securities Exchange (NSE). FILE PHOTO | NMG
What you need to know:
Umeme Holdings Limited, which owns 60.08 per cent of the utility firm, plans to sell a significant stake of its shareholding via private placement.
Uganda power firm Umeme Limited said Tuesday it had suspended trade in its shares on the Nairobi and Kampala bourses pending sale of a major stake by a key shareholder.
Umeme Holdings Limited, which owns 60.08 per cent of the utility firm, plans to sell a significant stake of its shareholding via private placement, Umeme said in a statement.
The shares will remain suspended from trade for a maximum period of two weeks, starting Tuesday, on the Uganda Securities Exchange (USE) and the Nairobi Securities Exchange (NSE) after Umeme received regulatory approval.
The utility is cross-listed on the Nairobi Securities Exchange, where it has 1.62 billion issued shares.
Umeme did not give details about the private placement.
Umeme Holdings is a subsidiary of London-based private equity firm Actis.
Umeme's shares closed at Ush360 ($0.14) on Monday on the USE (Ksh13 on the NSE).
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