UCL gives out share allotment letters
Feb 26, 2008
UGANDA Clays Limited (UCL) has started issuing letters of allotment of shares to shareholders in order to raise sh24.7b for the new factory in Mbale.
By David Muwanga
UGANDA Clays Limited (UCL) has started issuing letters of allotment of shares to shareholders in order to raise sh24.7b for the new factory in Mbale.
“The letters are for shareholders to buy more shares through the rights issue. We have also provided an information memorandum that gives the current position of the company,†the company’s chief executive officer, John Wafula, said.
A rights issue means selling more shares to shareholders excluding the public.
“The information would make it easy for a shareholder to decide whether to buy more shares or not. We are asking them to raise 43% of the sh24.7b. We shall get the balance from banks,†he said in an interview on Monday.
“Where possible, they should consult their brokers and financial advisors.†Wafula said.
He said the factory would be completed soon and commissioned in June.
“We borrowed money from the East African Development and Standard Chartered banks and started the project. We want the shareholders to repay the loan. Each will be paying according to the shares owned but through the rights issue, we are giving more shares at a discount.â€
UGANDA Clays Limited (UCL) has started issuing letters of allotment of shares to shareholders in order to raise sh24.7b for the new factory in Mbale.
“The letters are for shareholders to buy more shares through the rights issue. We have also provided an information memorandum that gives the current position of the company,†the company’s chief executive officer, John Wafula, said.
A rights issue means selling more shares to shareholders excluding the public.
“The information would make it easy for a shareholder to decide whether to buy more shares or not. We are asking them to raise 43% of the sh24.7b. We shall get the balance from banks,†he said in an interview on Monday.
“Where possible, they should consult their brokers and financial advisors.†Wafula said.
He said the factory would be completed soon and commissioned in June.
“We borrowed money from the East African Development and Standard Chartered banks and started the project. We want the shareholders to repay the loan. Each will be paying according to the shares owned but through the rights issue, we are giving more shares at a discount.â€