By Ibrahim Kasita
UMEMEâ€™S owner, Globeleq, a global investor in energy, has been put up for sale, Robert Kisubi, the Umeme corporate communications manager, has disclosed.
Stephen Morrisseau, the communications manager of Globeleq, said: â€œChange of Umemeâ€™s ownership would have no effect on the agreements between Umeme and the government of Uganda.â€
However, Kisubi did not disclose why the company was going to be sold.
Lehman Brothers, an international investment company, is supposed to conduct the sale.
Globleleqâ€™s power businesses in Africa include natural gas plants in Egypt (683MW), Tanzania (180MW) and Ivory Coast (288MW) plus a 74MW heavy fuel oil plant in Kenya.
He said: â€œThe process is a shareholder issue, which does not affect Umeme.â€
Kisubi said: â€œGlobeleq, Actis and the Commonwealth Development Corporation (CDC) are committed to the electricity sector in emerging markets.â€
Actis manages Globeleqâ€™s investments on behalf of the CDC. Globeleq injected $15m (sh26.4b) in Ugandaâ€™s electricity network rehabilitation.
Umeme took over electricity distribution in Uganda following the Governmentâ€™s invitation to private investors to bid for a 20-year concession.
Globeleq and South African power giant, Eskom, formed a joint venture, submitted their bids and won the concession in March 2005. Globeleq acquired 100% shares after restructuring in 2006.