Uganda's Parliament has approved the government's request to borrow $190 million from Stanbic Bank for the buyout of Umeme.

This is despite the Auditor General and the Parliamentary Committee on National Economy making a recommendation to halt the process until the actual buyout amount is determined.

Umeme is listed on both the Ugandan and the neighbouring Kenyan stock exchanges and has monopoly rights to distribute electricity in Uganda through the concession which started in 2005. 

Thami Ngubeni spoke to Channel Africa's Correspondent in Uganda, Mike Arereng

Uganda's Parliament has approved the government's request to borrow $190 million from Stanbic Bank for the buyout of Umeme.
This is despite the Auditor General and the Parliamentary Committee on National Economy making a recommendation to halt the process until the actual buyout amount is determined.
Umeme is listed on both the Ugandan and the neighbouring Kenyan stock exchanges and has monopoly rights to distribute electricity in Uganda through the concession which started in 2005.&nbsp;
Thami Ngubeni spoke to Channel Africa's Correspondent in Uganda, Mike Arereng

In-depth financial issues, profiling of African businesses doing well internationally, stocks & market updates.

In-depth financial issues, profiling of African businesses doing well internationally, stocks &amp; market updates.

Advertisement