Uganda: Umeme IPO oversubscribed

An initial public offering (IPO) of shares in Actis-owned distributor Umeme which closed on 7 November was oversubscribed by more than 35%. But the utility remains under fire for poor performance after a series of blackouts caused by system upgrades and faults on the Namanve and Mutundwe substations, despite hopes that the commissioning of the Bujagali power station would alleviate the supply problem.