Capital FM (Nairobi)

Kenya: ACTIS Reduces Stake in Umeme to 21 Percent

Nairobi — Actis has reduced its stake in Uganda's Umeme Holdings from 60.1 percent to 21.0 percent after the end of its investment horizon.

In a press statement, the firm announced the successful sale of the stake for Sh7.5 billion.

The shares were bought by over 20 new and existing blue-chip institutional investors in a heavily oversubscribed secondary offer through the Uganda Securities Exchange (USE) and the Nairobi Securities Exchange (NSE).

Investec Asset Management will now be the second largest shareholders in the energy utility firm at 18 percent.

Others include National Social Security Fund Uganda, Farallon Capital, Coronation Funds, Allan Gray and the International Financial Corporation.

This transaction is the largest secondary block trade to date on the USE and follows on from Umeme's recent landmark Initial Public Offer, cross-listing on NSE and US$190m corporate financing.

David Grylls, Partner at Actis commented "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."

Actis is also making a further partial sale of 43 million shares on the Uganda Securities Exchange to retail investors.

The sale opened on Monday for a period of 10 days.

Ads by Google

Copyright © 2014 Capital FM. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.