Umeme to trade at market rate till May 19

By David Mugabe

Listed power distributor Umeme will resume trading at the Uganda Securities Exchange (USE) at normal market rates.

USE acting chief executive, Innocent Dankaine, clarified that the market forces of demand and supply will dictate trading price picking up from Monday’s closing price of sh360.

The power distributor yesterday did not trade at the 10 o’clock session as a red tag appeared on its counter which brokers said signified the suspension of activities.

However, Dankaine also clarified that the special offer of 34,000,000 shares offered at sh340 (5.56% discount from current market price of sh360) per share will begin on May 19, 2014.

Retail traders expecting to be a part of this secondary deal, will transact through their brokers.

The offer will be open to East African retail clients closing on 30th May 2014.