By Najibu Mulema
Uganda’s power distributor company, Umeme is set to sell some of its shares to an Egypt-Kuwait holding company, a foreign company based in the Middle East.
The sale follows a rise in costs of electricity that continues to weaken the growth of the Uganda’s manufacturing sector.
According to Uganda Securities Exchange (USE), in line with its obligations under the Uganda Securities Exchange Listing Rules, 2003, Umeme Limited (the “Company”) informs the public that Umeme Holdings Limited is currently contemplating a sale of its shares in the Company. If successfully concluded, the transaction may have an effect on the price of the Company’s shares.
USE said in order to facilitate the conclusion of the transaction without disrupting the price of the Company’s shares, Umeme requested to suspend the trading of its shares on the Uganda Securities Exchange from November 7 up to and including November 15, 2016.
“Any agreement in respect of the transaction will be subject to any necessary regulatory approvals” USE further stated.