The National Social Security Fund has bought more shares in power distributor Umeme, increasing its stake from 14% to 23 %.
NSSF boss Richard Byarugaba said Fund’s decision was in line with “our statutory mandate to invest NSSF members savings for high returns.”
He said the Fund has reached an agreement to buy 121.8million shares from Umeme Holdings Limited at a price of Ushs 488 per share, lower than the current market price of Shs525.
The development came just before Umeme suspended trading of its shares on the stock exchange. Umeme also intends to sale the remaining shares. Umeme Holdings Limited, first ceded its majority shareholding in Umeme in 2014 decreasing its stake from 60% to 14.3% through a secondary public offering on the USE and Nairobi Stock Exchange.
Since 2005, Umeme has significantly contributed to the electricity supply industry through investment of up to US$440million in the distribution infrastructure, reduced energy losses by half to 19%, and improved sector cash flows. The firm is currently connecting over 140,000 customers per annum.
Paddy Muramiirah appointed new CEO for Crown Beverages Ltd
The Board of Crown Beverages limited has appointed Paddy Muramiirah as the chief executive officer effective Nov 01.
Muramiirah has been in acting capacity as CEO at CBL since August 2016 and he succeeds Simon
Lugoloobi, who has been CEO over the last eight years.
Muramiirah who joined CBL in 2005 as the head of operations has an extensive background in
mechanical engineering and also comes in with a wealth of experience having worked at different levels
of management in a number of organisations including beverage industries.
During his 11 years at CBL, he has been behind the growth that CBL has registered in the period and
through his leadership, Pepsi has received numerous accolades including Winner of the Water Use Management in 2013, and the bronze award from the United Nations Industrial Development Organization (UNIDO) for their outstanding performance in the 2014 Global Chemical Leasing Awards.
Kenya Airways CEO Mbuvi Ngunze to stay
Newly appointed Kenya Airways Chairman Michael Joseph seem to be banging on the current chief executive officer in part of the airline’s turnaround strategy amidst pilots demands that he resigns.
He says Mbuvi is overseeing renegotiation of loan terms with the airline’s lenders as part of balance restructuring, and as such cannot be asked to leave the company.
“He is crucial to me and I have told the pilots as much,” he said. “He is in the middle of renegotiating with our financiers to get better terms in order to get out of the hole we are in. He is critical in that process since he knows and understands these people.”
The Kenyan Airline Pilot Association had planned to strike on Oct 18 to push for resignation of Mbuvi and other senior managers whom they accused of mismanaging the airline. The pilots, however, have called off the strike.
MTN reduces Mobile Money rates
MTN Uganda’s mobile money service users can afford to smile after the telecom company announced a reduction in sending rates for the service between clients for tiered amounts between Sh500 and Sh45, 000.
Under the promotion that is part of MTN’s festive season offers, charges for sending between Sh500 and Sh2, 500 have been reduced by 64% from Sh500 to Sh180, charges for sending between Sh2501 and Sh5000 have also been reduced from Sh500 to Sh350.
On the hand, for sending between Sh5001 and Sh15000, charges have been reduced from Sh1000 to Sh600, between Sh15001 and Sh30, 000, charges have been reduced from Sh1000 to Sh800 while charges for sending between Sh30001 and Sh45000 have been cut by Sh100 to Sh1000 from Sh1100.
MTN’s General Manager for Financial Services Phrase Lubega said the offer is in line with the firm’s commitment to driving financial inclusion across the country.
Stanbic Bank contributes Shs225million to MTN Kampala Marathon
Stanbic Bank Uganda, a key long term partner and supporter of the MTN Kampala Marathon, has contributed Shs 225 million towards this year’s efforts to improve access to sustainable sanitation for the urban poor especially children in public schools around Kampala.
Stanbic Bank’s CEO Patrick Mweheire said, “We are extremely proud and excited to partner with MTN once again in what has become a world class event attracting fun runners and elite athletes from across the globe.”
He said stanbic’s objective is to help build on the 13 years of success not only through its financial support but through the participation of its staff where it contribute the largest number of runners from a single company with over 200 staff members annually.
MTN CEO Wim Vanhelleputte said the proceeds for this year will build on the earlier efforts towards improving sanitation for the urban poor children in public schools.