Standard Bank on Monday floated 20% of shares in its Ugandan affiliate in the country’s largest initial public offering to private investors, officials said.
Spokesperson Daniel Nsibambi said 1,02-billion shares in Stanbic Ugandan were being offered on the Uganda Securities Exchange (USE) in a move expected to raise 71-billion Ugandan shillings (R278-million, $38,7-million).
”Interest has been tremendous and beyond our expectation,” he said of the offer that lasts until December 22 before Stanbic is formally listed on the Ugandan bourse.
This is the second IPO from a bank in Uganda after the Development Finance Company of Uganda raised 45-billion shillings (R176-million, $25-million) from selling 79-million shares, or about 40%, in 2004. – Sapa-AFP