Companies

CompaniesMarkets

NSSF increases Umeme stake to 23% as Actis unplugs from power distributor

The National Social Security Fund will become the majority shareholder in electricity distributor Umeme (UMEM) after agreeing to buy 121.82 million shares from Umeme Holdings Limited for Shs59.4 billion.
CompaniesMarkets

Umeme shares suspended as stockholder considers sale

The Uganda Securities Exchange on Friday approved an application by Umeme Limited to suspend trading in the power utility's shares until its largest stockholder sells off the stake it owns in the company.
Companies

Nakumatt says it is facing cash flow problems, seeks financiers

Nakumatt Holdings, the Kenyan supermarket chain with a presence in Kenya, Uganda, Rwanda, and Tanzania, said in a statement on Thursday that it is facing cash flow problems and is speaking to local and international financiers for a capital injection.
Companies

Atlas Mara, Crane Bank’s reported suitor, releases Q3 results; silent on bid

Atlas Mara, the financial services group that has been named as one of the possible buyers of Crane Bank, released unaudited 3rd quarter financial statements showing a 77.5% year-on-year drop in after tax profit for the nine months ended 30 September.
Companies

To increase newspaper sales, the Daily Monitor is not publishing all its articles online

For the last two or so weeks, the Daily Monitor has been delaying online publication of some of its print newspaper articles. In some cases, the content has been delayed for more than a week. The move is intended to prop up print sales.
Companies

Stanbic Bank follows BoU easing, cuts lending rate by 1%

Stanbic Bank is reducing its prime lending rate by 1% from 22% to 21% effective 1 December, a statement released by the lender said. This follows last week's reduction in the Central Bank Rate to 13%, the fourth consecutive rate cut this year.
A Stanbic Bank branch in Kampala
CompaniesEconomy

Crane Bank takeover — what you need to know, and implications

Bank of Uganda ended weeks of speculation about Crane Bank, announcing on Thursday that it is taking over management of the lender. Here is what you need to know about the central bank's move and what it means for Crane Bank and its customers.
CompaniesEconomy

Bank of Uganda takes over troubled Crane Bank, suspends management

Bank of Uganda has taken over the management of Crane Bank Limited, Emmanuel Tumusiime-Mutebile, governor of the central bank, told journalists at a hastily convened press conference on Thursday.
CompaniesMarkets

Uganda Clays MD on NSSF debt and turnaround strategy

Uganda Clays managing director, George Inholo is so confident of the roofing tiles maker’s prospects that he is not anxious about NSSF's recent decision not to turn all of its debt to equity. The company finally turned a profit in the first half of this year.
CompaniesMarkets

CIC Insurance aims to raise Shs7.25bn in share offering to cooperatives and saccos

CIC Africa Insurance (Uganda) Ltd is offering 724,900 shares to cooperatives, unions, and savings and credit cooperative societies based in Uganda, the insurer said in a statement. The ordinary shares will cost Shs10,000 each.
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