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Uganda power firm Umeme shares suspended pending stake sale
May 6, 2014 / 6:35 AM / in 4 years

Uganda power firm Umeme shares suspended pending stake sale

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

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