Uganda's electricity company Umeme has been given the green light by Kenya's financial market regulator to list its shares at the Nairobi Securities Exchange through introduction.
Umeme which is listed at Uganda's Securities Exchange seeks to increase liquidity for its shareholders by expanding the market. It is expected to list 1,623,878,005 ordinary shares at the NSE.
"The Authority has granted approval following thorough review of the applicant's documents and is satisfied that Umeme Limited has adequately disclosed all material information in accordance with the requirements of the Capital Markets Act and the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002," the Capital Markets Authority nsaid in a statement. Umeme was listed at the USE in October.