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ACTIS Halts sale of Uganda Bank Shares
Thursday, October 20Th 2011
Ownership of the DFCU Limited a Ugandan Bank has remained intact after ACTIS, a London Based private equity firm which holds controlling stake of the bank withdrew from the sale of its shares.
ACTIS owns 60% of DFCU Bank and owns 100% of power distributor UMEME limited in Uganda.
In light of the sale, DFCU issued a cautionary announcement in June warning local investors about a potential change in the company's share price. Recently, DFCU limited said the transaction has been suspended not explaining why the sale was cancelled.
As a listed company, DFCU is required by the Uganda Securities Exchange, the regulator of the local stock market to update investors about transactions affecting the ownership of the firm.
Actis received an expression of interest for the purchase of a substantial number of shares in June forcing DFCU to issue a cautionary announcement.
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