In a bid to allow public inspection and clarification, power distribution company Umeme has released relevant documents pertaining to its Initial Public Offering.
The documents are available for public viewing at Umeme’s Communication Centre, Rwenzori house in Kampala.
They include power sales and amended agreements relating to power sales agreements, loan agreements, certificate of incorporation and amended memorandum and articles of association and the company’s lease and assignment agreement with the Government.
The documents have been on display since October 15th when the IPO was announced to allow transparency to the general public according to Charles Chapman, the company’s managing director.
While speaking at the release of the documents, Chapman also urged customers to take advantage of the remaining time and purchase shares.
“More and more people need to take advantage of the window to snap up the remaining shares on offer, and to increase the number of free shares they get,” Chapman said.
Share applicants who indicate that they are consumers of Umeme will receive one free share for every 10 they apply for. The free shares are being granted to all consumers who provide a valid customer number.
The number of incentive shares to be allocated to consumers will be based on the number of Umeme shares that they are able to buy at the end of the offer period. The IPO is 38.3% of the company’s issued share capital.
Each applicant is limited to a maximum of 100,000 incentive shares as in an offer by the company that is expected to end on November 7th. Umeme is floating 622,378,000 shares in their long-anticipated IPO, which is 38.3% of the company’s issued share capital upon listing.
The power company hopes to use the money raised to settle debts and enable secure strong financing options.