Centenary Bank of Uganda to List Minority Stake on Local Stock Exchange
Centenary Bank of Uganda plans to list 5%-10% of its shares on the local stock exchange, as two shareholders are set to exit. This move could amplify its market presence, joining other listed banks in Uganda. Further details on the listing timing and shareholders remain unspecified.
Centenary Bank of Uganda has announced its intention to list between 5% and 10% of its shareholding on the local stock exchange. This declaration was made on Tuesday by Brenda Magoba, the company secretary and head of legal affairs, during a conference in Kampala. The move comes as two shareholders plan to exit their investments shortly, leading to shares being available for sale.
The specific percentage of shares to be listed will depend on regulatory approvals. However, details regarding the timing of the listing and the identities of the exiting shareholders have not been disclosed. Centenary Bank is one of Uganda’s largest financial institutions, boasting assets valued at 7.1 trillion Ugandan shillings ($1.94 billion) and serving approximately 3.1 million clients.
Currently, the bank is predominantly owned by Ugandan Catholic dioceses, along with minority stakes held by several European funds, notably France’s Solidarity International Development Investment (SIDI). Should this proposed listing proceed, Centenary Bank would align itself with five other listed banks in Uganda, including Stanbic, a subsidiary of South Africa’s Standard Bank Group, which is the largest bank in the nation. The most recent initial public offering (IPO) on the Ugandan stock exchange occurred in 2023 when Airtel Uganda offered 20% of its stake.
In summary, Centenary Bank is poised to list a minority stake on the Uganda stock exchange, potentially providing an exit opportunity for certain shareholders. With significant assets and a large customer base, the bank’s entrance onto the bourse could enhance its visibility in the market while adding to the roster of financial institutions already listed. Key details await regulatory approval, including the exact timing and specifics of the shareholders involved.
Original Source: www.tradingview.com
