By IMMACULATE KARAMBU
In Summary
- Umeme says 1,000 shares traded at the NSE on the first day at Sh13 per share.
The Uganda electricity distributor started
trading at the Nairobi bourse on Wednesday, more than seven months after
the company got listed at the Nairobi Securities Exchange.
In a statement, Umeme said that 1,000 shares traded at the NSE on the first day at Sh13 per share.
“This is a significant
milestone for Umeme and for the continued integration of the capital
markets of the East African Community Member States. We pride ourselves
as the first Ugandan company to cross list at the
NSE and have trading
both at the USE and the NSE,” said Umeme’s managing director Charles
Chapman.
He said the company is keen on
capitalising on the integration to increase investor confidence and
provide a choice to investors on where to trade, with a view of
attracting more interest in the stock.
Umeme listed on the Uganda
Securities Exchange (USE) on November 30, 2012 at Ush274 (Sh9.04) per
share through an initial public offering (IPO).
The share is currently trading
at Ush360 per share at the USE, representing a 31 per cent increase
from the IPO price, with 163,504,455 shares traded since it listed,
driven mainly by institutional investors.
Umeme is the largest
electricity distribution company in Uganda. It is mandated to operate,
maintain and expand the power distribution network in the landlocked
country.
At the IPO, 38.3per cent of
the company shares were put up for sale with Actis, a UK private equity
firm retaining the majority shareholding of the company.
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