National Social Security Fund has received a dividend payment of more than Shs 3.3bn from its stake in the power utility firm, Umeme.
Geraldrine Ssali Busuulwa, NSSF’s acting managing director, said the dividend pointed to the fund’s wise investment decision.
“In less than two years, NSSF has enjoyed a 41 per cent return from its shareholding in Umeme Limited. The dividends the fund has received are a vindication for the fund’s investment in Umeme,” she said.
NSSF, the third largest institutional investor in Umeme, was paid for its 231.7 million shares at a price of Shs 24.8 per share. The Umeme stock is currently trading at Shs 389.4, up from the IPO price of Shs 275 just more than a year and a half ago.
Busuulwa said: “Our decision to invest in Umeme Limited was well informed because among other reasons, this is one of the best-performing companies in East Africa and the second largest company on the Uganda securities Exchange.”
Source : The Observer