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Umeme owner Globeleq up for grabs

By Vision Reporter

Added 22nd February 2007 03:00 AM

UMEME’S owner, Globeleq, a global investor in energy, has been put up for sale, Robert Kisubi, the Umeme corporate communications manager, has disclosed.

By Ibrahim Kasita

UMEME’S owner, Globeleq, a global investor in energy, has been put up for sale, Robert Kisubi, the Umeme corporate communications manager, has disclosed.

Stephen Morrisseau, the communications manager of Globeleq, said: “Change of Umeme’s ownership would have no effect on the agreements between Umeme and the government of Uganda.”

However, Kisubi did not disclose why the company was going to be sold.

Lehman Brothers, an international investment company, is supposed to conduct the sale.

Globleleq’s power businesses in Africa include natural gas plants in Egypt (683MW), Tanzania (180MW) and Ivory Coast (288MW) plus a 74MW heavy fuel oil plant in Kenya.

He said: “The process is a shareholder issue, which does not affect Umeme.”

Kisubi said: “Globeleq, Actis and the Commonwealth Development Corporation (CDC) are committed to the electricity sector in emerging markets.”

Actis manages Globeleq’s investments on behalf of the CDC. Globeleq injected $15m (sh26.4b) in Uganda’s electricity network rehabilitation.

Umeme took over electricity distribution in Uganda following the Government’s invitation to private investors to bid for a 20-year concession.

Globeleq and South African power giant, Eskom, formed a joint venture, submitted their bids and won the concession in March 2005. Globeleq acquired 100% shares after restructuring in 2006.

Umeme owner Globeleq up for grabs

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