NAIROBI, May 6 (Reuters) - Uganda’s sole power distributor, Umeme Ltd, said on Tuesday it had suspended trade in its shares on the Kenyan and Ugandan bourses pending the sale of a major stake by a key shareholder.
Umeme Holdings Limited, which owns 60.08 percent of the company, plans to sell a significant stake of its shareholding via private placement, Umeme said in a statement published in Kenya’s Daily Nation newspaper.
It said it had received regulator approval to suspend trading in Uganda and Kenya, where it is cross-listed, for a maximum of two weeks, starting Tuesday.
It did not give more details about the private placement.
Umeme’s shares closed at 360 shillings ($0.14) on Monday. The company posted an 89 percent rise in 2013 pretax profit to 115.2 billion Ugandan shillings.
Umeme Holdings is a subsidiary of London-based private equity firm Actis.
$1 = 2523.0000 Ugandan Shillings Reporting by George Obulutsa; Editing by Richard Lough and Jason Neely