Uganda’s principal power distribution company, Umeme is set
to list on the Nairobi Securities Exchange (NSE) and the Uganda Securities
Exchange (USE) through an initial public offering (IPO).
The company is looking to raise capital on the two bourses
in October in order to finance the expansion of Uganda’s electricity distribution
network.
According to the Uganda Electricity Authority, Umeme’s
customers have been on a steady upward trend driven by the demand for power in the
country.
Its statistics show that customers had gone up to 443,653 in
the third quarter of last year, from 315,249 in the first quarter of 2006.
Established in 2005, Umeme won a 20-year concession from the
Uganda government for power distribution.
It is owned by UK-based pan-emerging markets private equity
firm Actis Capital. The IPO is expected to serve as a partial exit for Actis in
Umeme, through reducing its shareholding in the company.
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