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Umeme shares suspended pending stake sale
Umeme Limited’s share gained 40.3 percent last week in trading at the Nairobi Securities Exchange (NSE). FILE PHOTO | NMG
Uganda power firm Umeme Limited said Tuesday it had suspended trade in its shares on the Nairobi and Kampala bourses pending sale of a major stake by a key shareholder.
Umeme Holdings Limited, which owns 60.08 per cent of the utility firm, plans to sell a significant stake of its shareholding via private placement, Umeme said in a statement.
The shares will remain suspended from trade for a maximum period of two weeks, starting Tuesday, on the Uganda Securities Exchange (USE) and the Nairobi Securities Exchange (NSE) after Umeme received regulatory approval.
The utility is cross-listed on the Nairobi Securities Exchange, where it has 1.62 billion issued shares.
Umeme did not give details about the private placement.
Umeme Holdings is a subsidiary of London-based private equity firm Actis.
Umeme's shares closed at Ush360 ($0.14) on Monday on the USE (Ksh13 on the NSE).
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