Centenary Bank of Uganda plans to list 5%-10% of its shares on the local stock exchange. The move accompanies the exit of two shareholders, as stated by company secretary Brenda Magoba. Centenary Bank is one of Uganda’s largest banks and, if successful, would join several other local banks in being publicly listed.
Centenary Bank of Uganda announced its intention to list between 5% and 10% of its shareholding on the local stock exchange. This decision comes as two of its existing shareholders plan to exit soon, according to Brenda Magoba, the company secretary and head of legal affairs.
During a recent conference in Kampala, Ms. Magoba stated, “The Group intends to list on the Uganda stock exchange some shares may be 5-10% depending on what will be approved.” Details regarding the timing of the listing and the identities of the exiting shareholders remain undisclosed.
As one of Uganda’s largest banking institutions, Centenary Bank holds assets valued at 7.1 trillion Ugandan shillings (approximately $1.94 billion) and services 3.1 million customers. The bank is primarily owned by the Ugandan Catholic dioceses, with minority shares held by European investment funds, including France’s Solidarity International Development Investment (SIDI).
Should the listing occur, Centenary Bank would join five other banks already listed on the Uganda stock exchange, including Stanbic Bank, which is part of South Africa’s Standard Bank Group. Notably, the last initial public offering (IPO) on the Ugandan exchange took place in 2023 when Airtel Uganda sold 20% of its stake.
In conclusion, Centenary Bank is planning to list a minority stake on the Uganda stock exchange amid the exit of certain shareholders. This significant move highlights the bank’s growth potential and aligns it with other major financial institutions in the region. With a strong asset base and wide customer reach, Centenary’s listing could enhance its market presence further.
Original Source: www.tradingview.com
