NAIROBI, Kenya, May 6 – Umeme Limited suspended trading at the Uganda Securities Exchange (USE) for two weeks beginning Tuesday to facilitate a major shareholder’s sale of a block of shares in the company.
The major shareholder of the company, Umeme Holding Limited is contemplating a sale of a substantial block of its shares to selected institutional and non-institutional investors and management of the company by way of private placement.
The company says if the deal is successfully concluded, it may have an effect on the company’s securities.
The company wants to facilitate the conclusion of the deal without disruption of the price of its shares.
The shares of Umeme Limited are listed on the USE and cross-listed on the Nairobi Securities Exchange (NSE).
“In light of the suspension of the shares of Umeme from trading in the market of their primary listing the shares of Umeme will similarly and automatically be suspended from trading on the NSE,” the company stated in a statement.
Umeme Holding Limited is a subsidiary of Actis Infrastructure 2 LP which owns 60.08 percent of the issued ordinary shares of Umeme.
Further communication will be made regarding the private placement in due course.