The stake was sold to more than 20 new and existing shareholders including Investec Asset Management and Uganda’s National Social Security Fund via a secondary share sale on the the Uganda Securities Exchange and the Nairobi Stock Exchange.
Actis now plans to sell more shares to local retail investors and to Umeme’s directors and management team. The firm said it will retain a minority stake for at least two years.
Actis partner David Grylls said, “We are delighted to be deepening the capital pool into Uganda and broadening the institutional shareholders of Umeme, to continue the next phase of growth. That growth is indicative of Uganda’s powerful macroeconomic story.”
Umeme, which was backed by Actis in 2005, started trading on Uganda’s stock exchange in November 2012 after an IPO, which was oversubscribed by 37 per cent.
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