PM Rugunda launches USE automated system

By Mugerwa Michael

The Uganda Securities Exchange (USE) is now officially trading using an internet-enabled automated trading system.

The official launch was presided over by the Prime Minister Dr. Ruhakana Rugunda at a ceremony which took place at Kampala Serena Hotel.

This marks the end of the outdated ‘open outcry’ trading system.

The launch of this system comes after it was opened for live trading to brokers on July 20 this year.

Uganda now joins others in Africa, Europe, Asia and the US that are already reaping the benefits that come with automated trading.   

Rugunda said the formation of the capital market and particularly the USE was part of Government’s broader economic reforms aimed at stimulating a dynamic private sector to be the primary engine for economic growth in Uganda.

“It was also motivated by the need to deepen financial and capital markets in support of the emerging private sector,” he said.

The Exchange has listed 16 companies since its inception, seven of which were direct contributions from the Privatization Unit.

USE contributes to wealth development, financial services and provides a platform for investment for local and foreign investors. It also provides for a platform where companies can raise relatively cheaper long term capital and facilitates the secondary trading of shares. 

On his part, the chairman of the Securities Exchange Charles Mbiire said the launch was one giant step for Uganda to fit in the Integration of the East African region.

He requested Government to consider the options of raising funding for long term infrastructure projects through long term bonds that are listed on the Uganda Securities Exchange.

Meanwhile, a special envoy of the acting President of the Central African Republic Hon. Samuel Rangba delivered a special message to president Museveni.
 

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PM Rugunda (C) receives a special messages from Samuel Rangba (R), the special envoy from the CAR. Looking on is state minister for regional cooperation Mateke Philemon. (Credit: PMPU)

The special message was received on behalf of the President by the Prime Minister Rugunda, at the Premier’s Office in Kampala. Hon. Samuel Rangba is also the Minister of Foreign Affairs of the Central African Republic.

The envoy briefed the Prime Minister about the situation in the Central African Republic and particularly appreciated UPDF’S contribution towards pacifying his country.

Welcoming his guest, Rugunda welcomed his guest and reiterated Government’s commitment to strengthen relations with the Central African Republic.

He wished them a transparent and credible election which is due on October 18 this year.

Rugunda also thanked the Central African Republic for the maximum cooperation Uganda received during the extradition of the rebel fugitive Dominic Ogwen, who is currently at the ICC.