Actis out of Umeme, still in distribution

Actis has made its final exit from Ugandan electricity distribution company Umeme, ending a ground-breaking investment that began a decade ago. Following a privatisation process in 2005, Actis held 100% of the former state company’s equity; since 2012, it has built up an institutional and retail investor base by selling down equity on the Uganda and Nairobi exchanges. A significant tranche of shares was sold by Actis’s Umeme Holdings Ltd (UHL) subsidiary to institutional and retail investors in June 2014, when Actis made a commitment to the Kampala government to retain a minimum stake of 14% for at least 24 months.