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Uganda: UTL to Sell Safaricom Shares
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The Monitor (Kampala)
27 March 2008
Posted to the web 27 March 2008
Tom Magumba and Walter Wafula
Kampala
UGANDANS will also be able to purchase Safaricom shares thorough Uganda Telecom's dealer outlets starting this Saturday until the April 23.
This follows the signing of a partnership between the telecommunications service provider and financial institution Africa Investment Bank (AIB) on March 25th.
Safaricom is Kenya's leading mobile service provider Safaricom and East Africa's most profitable company. The firm will give away a stake of 25 per cent worth KShs10 billion (Shs259 billion) to both East African and international investors through its Initial Public Offering (IPO) starting March 28th. Safaricom is owned by both the Kenyan government (60 per cent) and United Kingdom's Vodafone Plc.
Buying a company's shares at the IPO stage gives one a benefit of earning more than two times the initial investment, in a short time.
For instance, if one invested Shs1 million he or she stands a chance of making up to Shs3 million, when the shares are listed on the stock exchange. Safaricom shares will be listed and traded on the Nairobi stock exchange on June 9, 2008.
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AIB and investment bank Dyer and Blair will be the lead bank selling Safaricom shares in Uganda and has accounts in Stanbic, Barclays and Diamond Trust Banks where buyers will deposit there money.
Other stock brokerage firms like Mbea, Renaissance Capital, African Alliance, will also help Ugandans to buy the shares.
Mr Mark Kaheru UTL's Public Relations Manager said the company won the deal because of its extensive customer service centre network and will be offering AIB a platform to sell the shares from.
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