The Uganda Securities Exchange has today (7 March) extended its trading to 5 days a week, up from 3 days. USE Chief Executive Joseph Kitamirike said it would help meet local and international demand. It will also match trading on other East African exchanges, as the exchanges harmonize in terms of an East African common market.
The International Finance Corporation and East Africa’s Securities Industry Training Institute (SITI), based at the Uganda Securities Exchange have signed an agreement to broaden training over the next 10 years. This will be used to licence market participants.
Charles Mbiire, the chairman of MTN and Invesco Uganda, has been appointed the new chairman of the governing council of the Uganda Securities Exchange.
Renaissance Capital (www.rencap.com/eng), the Russian emerging-markets bank with operations in Africa, plans to expand next year into Egypt and at least 3 other African countries, according to a 5 October interview published on Bloomberg.
South Africa’s Standard Bank will provide $100 million as credit to up to 750,000 farmers in 4 African countries in the next 3 years, according to an interview given by Clive Tasker, CEO for Africa, to Reuters newsagency. The bank is to offer the credit in Uganda, Ghana, Mozambique and Tanzania to help boost agricultural production and economic growth.
The Uganda Securities Exchange is aiming to finish immobilizing the shares listed for trading on 28 June, according to a statement issued by the bourse, as reported in local media. Companies whose shares are being moved into electronic form include Bank of Baroda, East African Breweries, Equity Bank, Jubilee Holdings, Kenya Airways, National Insurance Corporation and British American Tobacco.
Uganda’s National Insurance Corporation (www.nic.co.ug), was oversubscribed after Uganda Shilling (UGX) 9.5 billion (US$4.6 million came in applications when Government offered its remaining 40% stake in the company in an 161,552,000 shares totalling UGX 7.2 bln.
The Uganda Securities Exchange (www.use.or.ug) was set to open the Securities Central Depositary at on 18 February, according to local news.
The closure today (5 February at 5pm local time) of the share offer of Uganda’s National Insurance Corporation Limited (www.nic.co.ug) is likely to result in a rush for shares. It is the first listing on the Uganda Securities Exchange (www.use.or.ug) since 2006.
A new fund is making good progress in raising up to US$55 million to be invested in business start-ups and small and medium enterprises in Kenya, Rwanda, Uganda, and Tanzania. The Fanisi Venture Capital Fund was set up with help from Norwegian Investment Fund for Developing Countries (Norfund)
An initial public offering (IPO) for Uganda’s National Insurance Corporation will be launched on 14 January and close on 5 February, according to a report on the Business Daily website. The listing will be on 25 March if all goes well.
The curriculum of the Securities Industry Training Institute (SITI) has been launched in Kampala, Uganda.
SITI aims to standardize training on a wide range of programmes on capital markets and investments, corporate finance, asset management, entrepreneurship, corporate governance and other related fields of study. Eventually, all brokers, fund managers and investment advisors will require certificates to operate.
The Uganda Securities Exchange (www.use.or.ug) is seeking innovative steps to make its market more relevant to the development needs of the local economy by relaxing listing rules to allow smaller and medium-size enterprises.
Absa Capital, the investment banking arm of Absa Group, plans to work in a range of African debt markets, particularly in countries where Barclays Bank is active. New bonds are being issued in Namibia, Kenya and Uganda.
New bond issues are springing across Africa, including Kenya’s Kengen issue for more power generation which closed on 29 September, and bank issues in Nigeria and Uganda.
The Uganda Securities Exchange (www.use.or.ug) is set to introduce electronic trading before the end of 2009 and an East African common stock market to be launched in January 2010, says a report in East African Business Week (www.busiweek.com) newspaper. The report cites a speech by Japheth Katto, the Chief Executive Officer of the Ugandan Capital […]
Tanzania seems to be warming to the idea of linking the East African stock exchanges, in what could eventually be the development of a major integrated regional market.