Actis, the pan-emerging markets private equity firm, confirms that its offer of shares through its subsidiary, Umeme Holdings Ltd (UHL), of a significant shareholding in electricity distributor Umeme to high calibre institutional investors was heavily oversubscribed.
The high demand is indicative of investors’ confidence in Uganda’s well run economy and strong growth potential. Over 30 local and international institutional investors applied for shares including Investec Asset Management, one of the largest managers of third party assets in Africa (exceeding US$110bn under management).
The successful transaction, according to the company, will strengthen Umeme’s investor base and support the Company’s continued growth, in partnership with the Government of Uganda.
The firm says further information regarding the development will be provided in due course in line with regulatory requirements.