Business
Umeme wins approval to list shares in KenyaPublish Date: Dec 14, 2012
Umeme wins approval to list shares in Kenya
  • mail
  • img
Umeme boss Charles Chapman
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
West Nile grid extension on schedule
THE West Nile power grid extension from Nyagak Hydro plant to the rest of the districts is moving steadily with over 46% of the work on the sh44 billion project...
Gov’t allocates sh10b for tarmacking roads
GOVERNMENT has earmarked sh10b for the tarmacking of roads intended to enhance commerce, reduce dust and facilitate mobility in 26 town councils...
Local govt asked to participate in alternative energy planning
Ministry of energy officials and experts from GIZ have urged local government leaders to participate in developing affordable and efficient sources of energy at district level to light up districts instead of the long waiting for the central government to do for them what they can do themselves....
Central Bank begins financial literacy campaign in schools
Bank of Uganda has started a campaign to boost people’s understanding of economic issues affecting them so that they can identify opportunities to exploit....
Shipping firm chief accountant charged in MTN $3.8m fraud
The chief finance officer of Three Ways Shipping Company has been charged with embezzling $3.8m (about sh10b), belonging to telecom company MTN....
Kabila fires CEO of state miner Gecamines for "gross negligence"
Democratic Republic of Congo's President Joseph Kabila has fired the chief executive of the country's state mining company Gecamines for "gross negligence", according to a presidential decree read out on the state television channel....
Should private schools and institutions be given tax exemption?
Yes
No
Can't Say
follow us
subscribe to our news letter