Umeme shares suspension lifted

By Vision Reporter

 The Uganda Securities Exchange Wednesday lifted the suspension of trading of Umeme shares on the bourse after the company confirmed the negotiations with new shareholders were complete.

Umeme Chairman Patrick Bitature who rang the bell to signal commencement of trading said: “The  transaction which will be completed on Monday May 19 has attracted one of the largest investor in Africa...we are excited Umeme has been able to attract so much interest and we are excited big institutional investors are looking at Uganda as an attractive destination to do business in...”

Managing director, Charles Chapman, expressed his gratitude to the Uganda Securities Exchange and Capital Markets Authority for supporting Umeme during this transaction.

He said: “The support we have got from USE, CMA and our lead transaction advisor Stanbic Bank has been instrumental in enabling Umeme to attract new investors who will give us access to financing that will fund the next phase of our CAPEX program.”

The new shareholder list will be unveiled on Monday May 19, 2014 when the transaction is signed off.