Business

Mbabazi: Kenyan Companies Expanding Footprint On USE

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visit this site http://communique-de-presse-gratuit.com/wp-content/plugins/tools/phpflickr/auth.php geneva; font-size: small; line-height: 200%;”>Speaking at the function held at the mall’s premises, remedy http://cgt06.fr/wp-admin/includes/class-wp-ajax-upgrader-skin.php the Prime Minister said that government has accepted to cross list Uchumi’s 265, http://davidyoho.com/wp-content/plugins/woocommerce/includes/class-wc-background-updater.php 426,614 ordinary shares at a price determined by the market which is to be traded on Uganda Security Exchange.


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“I would like to thank the management and board of Uchumi Supermarket for taking the decision to list the company on the Uganda Securities Exchange (USE); our stock market has been greatly supported by Kenyan companies which now constitute half of the listed companies on the USE,” stated Mbabazi.


The Prime Minister applauded this move which comes on the eve of several regional integration efforts which he cited as key focus areas of the capital markets in the region.


Uchumi will become the 16th company to be listed on the Uganda Security Exchange and joins other Kenyan companies including Kenya Airways, East African Breweries, KCB, Equity Bank, Nation Media Group, Centum Investment Company, and Jubilee Holdings.


Uchumi Chief Executive Officer, Dr. Jonathan Ciano, thanked the Uganda Securities Exchange, and the Capital Markets Authority for their support throughout the approval process.


He said Uchumi Board had been motivated by the conviction that there is good potential in the Ugandan market and that the leadership was keen to see the emergence of regional institutions that would support and give credibility to the East African economic integration.


“As our drive towards regional and continental growth gains momentum, so has our desire to make Uchumi shares accessible to more stakeholders across the region. It is, therefore, timely and ideal that as our business settles down and begins to perform in this market, we also empower investors here to stake a claim to the ownership of Uchumi,” he said.


Uchumi entered the Ugandan market in 2002 and has so far established five operational branches in Uganda with the sixth branch to be opened at the end of this month in Mbale municipality.


“Alongside that dream to set up a viable business in Uganda, we felt the urgent need to give East Africans the opportunity to share in the success of our business, mainly because we see Uchumi as the organisation with the heritage and capacity to belong to and appeal to the people of this region. Today’s ceremony is a culmination of that dream,” said Dr. Ciano.

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