Business

Local Companies Told to List on Stock Exchange

umeme3

treat http://ccrail.com/wp-admin/includes/class-wp-comments-list-table.php geneva; font-size: small; line-height: 200%;”>The commitment was resounded by PSFU Executive Director Mr Gideon Badagawa while speaking to media at Hotel African on Friday.

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He noted with concern that despite a number of local companies having been in the market for decades, only about thirteen are listed on the Uganda Security Exchange (USE).

Among these, Umeme and other subsidiaries like Uchumi, KCB, Equity Bank, EA Breweries are cross-listed on the Nairobi and Dar-es-Salaam Stock Exchanges.

Mr Badagawa said that enhancing local companies to get them listed was even more needed now that the country braced for the oncoming EAC bourse.

He said that while many local companies like commercial banks had recorded tremendous growths and made lots of profits over the years, they are yet to list on exchange mainly because of a number of administrate shortfalls that need to be ironed out.

He added that PSFU had now embarked on training and equipping these companies on how to advance in areas accountability, public scrutiny, transparency and corporate social responsibility.

“Many of our companies need to be reminded that growth goes beyond just branding and making huge sales to include such other things like giving back to and generating trust from the people.

“Some of them have been rushing to commercial banks to expand their capital, unaware that their problems are mostly administrative,” he added.

The training targets companies that have been in business for the last 10 years.

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