Business
Umeme wins approval to list shares in Kenya
Publish Date: Dec 14, 2012
Umeme wins approval to list shares in Kenya
Umeme boss Charles Chapman
  • mail
  • img
newvision

Umeme Limited, Uganda's sole power distributor, has won regulatory approval to list its shares on the Kenyan stock exchange in a bid to improve trading in its stock.

The so-called cross-listing of all 1.62 million Umeme shares on the Nairobi Securities Exchange will also contribute to the goal of the five-nation East African Community (EAC) common market to integrate their financial markets.

The EAC comprises Kenya, Tanzania, Uganda, Rwanda and Burundi.

The Nairobi Securities Exchange is the largest and most liquid stock market in the EAC, providing better trading opportunities for Umeme's shareholders, 46 percent of which are foreigners.

Several Kenyan firms like Kenya Commercial Bank, East African Breweries and Kenya Airways have cross-listed their shares on the Tanzanian and Ugandan markets.

Umeme, which completed its initial public offering last month, will be the first EAC firm to cross-list in Nairobi, after winning approval from the Kenyan market regulator on Thursday.

Uganda's benchmark index is the second best performer in Africa so far this year, up 37.6 percent, after Nigeria's which is up 42.2 percent, Reuters data show.

The Nairobi 20-Share index is ranked third, up 25.8 percent so far this year.  Reuters

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Electricity tribunal hits snag over absence of energy ministry PS
Hearing at the electricity disputes tribunal in the row between Umeme and ERA hits a snag over the absence of Energy ministry PS Kaliisa Kabagambe....
Honda investigating possible exploding airbag death
Honda is probing a deadly crash in the United States possibly linked to exploding air bags blamed for killing at least five people....
Contradictions cloud pensions liberalization
MAJOR contradictions still exist among the major backers of the impending liberalized pensions sector on which to adapt with the liberalization bill expected on the floor of parliament...
Gov
IN efforts to expand market for Uganda's agricultural produce, Government has embarked on wooing more investors in agro-processing to set up investments...
Stanbic Bank signs debut $85m  loan
Stanbic Bank Uganda (SBU) has signed an $85 million, 18-month loan to fund its general business activities, the first time it has borrowed from international loan markets, the main arranger of the facility said...
Tax on private schools starts
Efforts by educationists to block the recently restored income tax on private schools have hit a snag....
Do you agree with the new tax on private schools?
Yes
No
Can't Say
follow us
subscribe to our news letter