About UMEME LTD
Umeme Limited is the largest energy distributor in Uganda, distributing 97 percent of all electricity used in the country. The shares of the stock of the company are listed on the Uganda Securities Exchange (USE) and are cross listed on the Nairobi Stock Exchange (NSE).
Umeme was formed in 2004 when the government of Uganda leased the Uganda Electricity Distribution Company Limited to a consortium belonging to Globeleq (56 percent), a subsidiary of the Commonwealth Development Corporation of the United Kingdom, and Eskom of South Africa (44 percent). The transfer of assets did not take place until 1 March 2005.
During 2006, the consortium formed by Globeleq and Eskom was restructured, with Globeleq becoming the sole owner of Umeme.
On 15 October 2012, Umeme became a listed company on the Uganda Securities Exchange (USE). A total of 622,378,000 shares, representing approximately 38 percent of its issued share capital at the time, became listed on the Ugandan bourse in an initial public offering (IPO). The shares of the company started trading on the USE on 30 November 2012. Umeme shares were first cross-listed on the NSE on 14 December 2012, with active trading commencing on 31 July 2013. The company expected to use the proceeds from the IPO, estimated at UGX:171 billion, to expand its power distribution network and payoff debt.
[Compliances and Memberships/Affiliations]