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Uganda Power Distributer Umeme Files for I.P.O.

Uganda’s sole power distributor, Umeme, has priced its 622.38 million shares to be sold through an Initial Public Offering at 275 shillings ($0.11) per share, Reuters reported Friday. The firm, which is 100 percent owned by pan-emerging markets private equity firm Actis, is offering a 38.3 percent of its issued share capital to raise funds to reduce its interest-bearing debt, it said in a statement.

(Reuters) – Uganda’s sole power distributor, Umeme, has priced its 622.38 million shares to be sold through an Initial Public Offering (IPO) at 275 shillings ($0.11) per share, a source close to the deal said on Friday.

The firm, which is 100 percent owned by pan-emerging markets private equity firm Actis, is offering a 38.3 percent of its issued share capital to raise funds to reduce its interest-bearing debt, it said in a statement.

($1 = 2605.0000 Ugandan shillings) (Reporting by Duncan Miriri; Editing by James Macharia)