Umeme

Umeme is the largest energy distributor of energy in Uganda and was incorporated in 2005 for a 20 year concession under a government regulatory framework. 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).As of December 2014, the company's total assets were approximately UGX:1.212 trillion, with shareholder's equity of approximately UGX:313.7 billion.

History and ownership

Umeme was formed in 2004 when the government of Uganda sold 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 (44 percent), the electric generating company of South Africa. 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 USE. A total of 622,378,000 shares, representing approximately 38 percent of its issued share capital, 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 stock shares were first cross-listed on the NSE on 14 December 2012. The company expects to use the proceeds from the IPO, estimated at UGX:171 billion, to expand its power distribution network and payoff debt.