Britam says IPO comment document not official

BUSINESS

In a statement circulated through social media, Britam has clarified that an earlier 17-page opinion on the CIPLA Uganda Initial Public Offering (IPO) attributed to the company is "not an official communication".

The report had highlighted potential growth in new markets, good track record with Global Fund, and well considered expansion plans as advantages potential shareholders will benefit from, before sounding out erratic revenues due to over reliance on government sales as a drawback.

"Britam is in full support of Capital Markets in Uganda and wishes to see more Initial Public Offerings and corporate bond issuances in Uganda.

"That is the only way to generate an investment and boost the trading environment in the country," the statement said.