Umeme Ltd, a regulated electricity distribution company in Uganda, reported it is planning to sell 45.1 percent out of the 60.08 percent stake it owns in the utility through a private placement.
Umeme Holdings, a subsidiary of London-based private equity firm Actis, said in a statement in Kenya’s Daily Nation newspaper that it anticipated the sale will have no effect on the management or board of the utility or its finances.
“A seamless transaction would allow the original founding shareholder of Umeme to reduce its shareholding through secondary sales to investors on the Ugandan and Kenyan markets,” Umeme Holdings said.
“The decision by the company to reduce its investment and bring in new investors by private treaty is guided by the need to ensure that the bulk of the shares to be sold are placed with institutional investors…”
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