LONDON, Nov 12 (Reuters) - Umeme has completed an initial public offering that valued Uganda’s only power distributor at around $165 million, private equity owner Actis said.
The sale of a 38 percent stake, offered at 275 shillings per share, received strong demand from east African institutional investors and Ugandan retail customers, Actis said on Monday, adding the offer had been oversubscribed.
Emerging markets-focused Actis said it had cut its stake in Umeme to 60 percent through the offering, which was made up of new and existing shares. The remaining 2 percent went to employees and customers.
Actis said funds raised from the listing would be used to cut Umeme’s debt and allow the company to secure better financing options for future capital investment plans.
Trading was expected to begin in Uganda on Nov. 30, with a cross-listing in Kenya by mid-December. ($1 = 2,592 Ugandan shillings) (Reporting by Kylie MacLellan; Editing by Dan Lalor)