NSSF receives sh1.9b dividend from Umeme

By David Mugabe
 
The National Social Security Fund (NSSF) Wednesday received a gross dividend of sh1.97b from its sh36b investment in Umeme’s initial public offer (IPO).

This will come as good news to NSSF contributors who have been skeptical about the worth of the investment following several reports of a “bad deal.”

NSSF’s total holding in Umeme as at June 30, 2013 is over sh131m shares which is an equivalent to 8.1% of the total number of shares issued by the company and 20.3% of the shares available for trading.

“It has provided double digit return,” said Richard Byarugaba, NSSF managing director while receiving the cheque.

Sam Zimbe, Umeme general manager corporate and regulatory said in the last three months, Umeme has registered the highest volumes at the Uganda Securities Exchange.