7 November 2012

Kenya: Energy Firm Umeme's Share Sale Ends Today

Photo: Rachel Mabala/Daily Monitor
Umeme's Initial Public Offer listing.

UGANDA electricity generator Umeme's initial public offering of shares comes to a close today at 5pm.

The offer, which opened on October 15 has seen customers enjoy one bonus share for every 10 bought through the Enyongeza (incentive) shares scheme.

The company is also inching closer to listing at the Nairobi Securities Exchange by introduction, with the approvals currently being pursued with the regulators in Kenya.

"We have received significant participation from all investment categories and we are pleased to announce the intention of International Finance Corporation to invest in the Initial Public Offering. In the retail category, we received strong participation from the rural areas and Kampala and other urban areas," said Charles Chapman, Umeme managing director .

Chapman also said that the offer has received significant participation from the regional market, especially Kenya, where the offer is made to institutional investors.

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