Business
Actis sells stake in Dfcu
Publish Date: Apr 24, 2013
Actis sells stake in Dfcu
  • mail
  • img
newvision

By Samuel Sanya

dfcu Bank has voluntarily suspended trading on the Uganda Securities Exchange (USE) as British firm Actis/CDC, the major shareholder, offloads a large stake in the bank to Norwegian and Dutch entities.

Actis, the London-based equity fund recently relinquished a large stake in utility firm Umeme.

Kelvin Kiyingi, the acting director communications at the Bank of Uganda, confirmed that the Central Bank has approved the shareholder restructuring, adding that dfcu Bank customers will not be affected in anyway.

“As a result of potential shareholder restructuring and the time required to obtain all the necessary securities market and banking approvals, dfcu has been granted permission to voluntarily suspend the trading of its shares on the Uganda Securities Exchange for a period of up to four weeks,” Agnes Isharaza, the dfcu Group company secretary, said in a statement.

The Commonwealth Development Corporation (CDC) will retain a 15% stake, down from 60% after the Norwegian Investment Fund for Developing Countries (NORFUND) and Rabo Development B.V. acquire 17.48% and 27.54% stakes in the bank respectively.

Rabo Development B.V is a subsidiary of the Rabobank of the Netherlands. The purchase is part of the Dutch bank’s expansion strategy into developing countries.

Kenneth Kitariko, the African Alliance Uganda boss, noted that the voluntary suspension from trading on the securities markets will stem speculative transactions.

dfcu shares were selling for sh1,030 per share on Monday when the suspension was announced.

 

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
Kavera operation stirs Kikuubo
Gunshots and tear gas sent traders in Kikuubo scampering for cover as the Police and NEMA officials confiscated polythene bags at TESCO building...
SACCOS to get financial literacy
The State Minister for Microfinance, Caroline Akao has pledged to offer training to Nakasero II Veterans’ SACCOS on financial literacy and business management...
Shoebridge named Uganda Telecom managing director
Uganda Telecom has appointed Mark Shoebridge as its new managing director. His tenure started on May 21, 2015. He takes over after Ali Amir, the former managing director who resigned in March for personal reasons....
Chinese car maker setting up showroom in Namanve
Chinese car maker, Foton, is setting up a car show room and after-sales service centre worth $10m (about sh30b) at Namanve Industrial Park, in Mukono district....
Africa seeks super banker to manage new economic frontier
Eight candidates are vying to become the next head of the ADB....
Deal reached to end Nigeria fuel crisis
Agreement is reached to end a crippling fuel crisis in Nigeria that had left the country at a virtual standstill....
Should graduated tax be revived?
Yes
No
Can't Say
follow us
subscribe to our news letter