Archive for the 'Privatization' Category

African issuers raise $1.4bn in IPO share offers in 2017

African share issuers have raised $1,379 million ($1.4bn) in 2017 through initial public offers (IPOs) of shares, compared to $1,154m ($1.2bn) in 2016, the second year of increase. However, the number of domestic African IPOs was down to 7, compared to 15 in 2016. The number of cross-border IPOs in Africa was 2 in each year.

The research was released today (15 December) in the latest Global Cross-Border Index from law firm Baker McKenzie. African issuers raised a total of 19.5% more capital in 2017 through IPOs was up 19.5% on 2016. Worldwide, issuers have increased IPO activity by 44% to $206.6bn and there were 1,694 new listings, up 31%.

Swiss issuers accounted for both cross-border IPOS in Africa in 2017. Aspire Global Plc listed on the Nasdaq First North Exchange, raising $38.96m, and Rainbow Rare Earths Ltd raised $8.22m when it listed on the London Stock Exchange. The total they raised was $47m, compared to $246m raised through cross-border IPOs in 2016.

Wildu du Plessis, Partner and Head of Africa at Baker McKenzie in Johannesburg, commented in a press release: “Africa’s uneven FDI (foreign direct investment) picture reflects the global uncertainty, but local challenges aggravate the unevenness.

“IPO activity is highly dependent on political and economic instability, particularly in the key markets of South Africa, Kenya, and Nigeria. In 2016, more FDI flowed to the hub economies, with new East and West Africa clusters emerging. This trend also dominated in 2017, and while South Africa has the most attractive exchange for issuances, the new clusters are shaping up to drive the IPO landscape going forward.”

“African economies have also engaged in repricing. The most tangible manifestation of this repricing has been rapid fall in some currencies as export revenues slid. This has created shortages of foreign exchange. The currency slide, has in turn, led to an increase in consumer prices, which impacted the retail, logistics, and other consumer-oriented sectors. Currency falls, however, can also create longer-term opportunities, because assets become cheaper,” he said.

Du Plessis added that he expected in coming years that more governments across Africa will privatize state-owned entities through listings, this would boost development of regulatory frameworks. In turn this will inspire market confidence in African bourses. Privatizations can be partial or full.

“In addition, removing barriers to cross-border investments through regional integration, would harmonize regulations and increase cross-border investments. This would provide more choices of financial products for investors in future,” he noted.

Global IPOs

According to Baker McKenzie, worldwide IPO volumes in 2017 reached the highest level since 2007. Momentum built through the year with an acceleration in both volume and value of capital raised in the second half. In total, 1,694 companies raised $206.6bn from IPOs, a jump of around a third in both value and volume on 2016. Both cross-border and domestic activity grew.

Cross-border deals jumped by 60% in volume, growing in all regions, including Latin America, which saw its first cross-border listing in 10 years. However, growth in cross-border capital was once again outpaced by growth in domestic capital raising, which rose 55% in value. This led to a slight decline in Baker McKenzie’s Global Cross-Border Index.

Koen Vanhaerents, Global Head of Capital Markets at Baker McKenzie, commented: “The IPO market in 2017 has put in its best performance in 10 years. A more stable political environment in some of the key markets, combined with strong economic growth, has boosted both the number of listings and the volume of capital raised.”

“With key risks to the global economic outlook easing, we expect IPOs to hit a new post-financial crisis high in 2018,” he added. “We recently forecast that domestic IPO activity will continue to rise, to a peak of over $220bn in 2018.”

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IPO for I&M Bank Rwanda extended to 10 March

The extended deadline for the initial public offer (IPO) of I&M bank Rwanda is 10 March. The Government is selling its 19.8% stake in the bank in an offer launched on 14 Feb and originally set to close on 3 March. On offer are 99 million shares at RWF90 ($0.11) each, with a minimum purchase of 1,000 shares.
The offer could contribute nearly RWF8.9bn towards Government plans to raise RWF11.5bn ($13.9m) to build a second airport near Kigali, according to a report in As part of the offer, 5m new shares were created for an employee share offer programme (ESOP).

Prospectus delays
The Ministry of Finance and Economic Planning said it had received enthusiastic investor interest across the region. According to a statement: “This is to ensure that prospectuses and application forms reach investors across the country and the East African region in good time, and in response to requests from retail and institutional investors given the early start to the year, it has been decided to avail additional time to enable investors participate.”
New Times newspaper quotes Shehzad Noordally, the Chairman, Rwanda Association of Stockbrokers and Market Intermediaries: “There has been a slight delay in publishing prospectuses, which is an administrative issue that has been resolved. This has, therefore, resulted in the prospectuses not being distributed on time to the general public”.
I&M Bank, the Capital Market Authority, and the Rwanda Stock Exchange have approved the extension. The shares will be listed on the RSE.
The Government is committed to the development of capital markets as a means to building a strong foundation for long-term financing for both private and public sector, according to Minister for Finance and Economic Planning, Claver Gatete.
Previously Government has sold shares in 2 enterprises leading to listings – Bralirwa (Brasseries et Limonaderies du Rwanda, the largest brewer and beverages company) and Bank of Kigali. The other local listing is Crystal Telecom, subsidiary of Crystal Ventures Ltd, which represents a chance to trade the shares of MTN Rwanda. Crystal Ventures was profiled in the latest issue of The Economist magazine.
I&M Bank Rwanda was established in 1963 and was called Banque Commerciale du Rwanda Limited (BCR) before becoming the Rwanda subsidiary of I&M Bank Group Limited, headquartered in Nairobi, with operations in four countries.

Reasons for privatization

According to an earlier CMA press release, this is the Government of Rwanda’s strategy behind the listings:
“It is the GoR’s objective to encourage investment of shares of successful companies amongst the citizens of Rwanda, and to promote the development of the country’s capital markets. The GoR is pursuing a divesture program of state-owned enterprises, which kicked off in earnest in 1997 with a total of 72 institutions earmarked for privatization/divesture.
The specific objectives of GoR’s privatization /divestiture program entail:
• Reducing the shares held by Government in public companies and thus alleviating the financial burden on its resources (through the elimination of subsidies and state investments) and reducing its administrative obligations in the enterprises
• Ensuring better management and financial discipline in privatized companies
• Attracting foreign investment in Rwanda and the accompanying transfer of technology and knowhow
• Developing and promoting Rwanda’s capital markets and
• To give to the wider public the opportunity to participate in the shareholding of a well-run company”.

Umeme power company IPO share offer: UPDATE AND CORRECTION

The Initial Public Offer by power company Umeme ( in Uganda closed on 7 November. Results will be known before the listing scheduled for 30 November, but the company had sought to raise UGX171 billion ($65.8 million) by offering 622m shares in an offer that opened on 15 October. Meanwhile, Ugandan parliamentarians have called for a statement by the Finance Minister Maria Kiwanuka, according to a press report on the Observer website, with inquiries into tax and accounting for assets. Some MPs are calling for the listing to be delayed for fuller study of an energy sector report.

As the offer was closing, a report in The Independent cited corporate advisor William Nyakatura of African Alliance Brokers, said there has been a big turn up of applications from around the region. Umeme Managing Director Charles Chapman said that the portion of the IPO reserved for international share investors was sold up by the end of October, and where the company collected US$31million: “In the retail category, we received strong participation from the rural areas and Kampala and other urban areas.” Chapman also said that the offer has received significant participation from the regional market, especially Kenya, where the offer is made to institutional investors. Stanbic Bank and African Alliance were sponsors.

Ugandan investors had been offered the Eyongeza incentive scheme offering a bonus share for every 10 shares they bought, and all customers of the distribution firm were invited to buy. A day before closing it was announced that the International Finance Corporation, a part of the World Bank group, would also buy shares in the IPO. The IFC first mentioned funding Umeme in 2009 on its website. Umeme staff have been given 10,000 shares each as a morale booster, according to local reports, with increases if they keep their shares for 3 years.

Umeme was 100% owned by private equity firm Actis since 2009 and is a regulated electricity distribution company in Uganda, supplying over 460,000 customers by the end of 2011, up from nearly 355,000 in 2009, according to our earlier story. They are mainly located in the semi-urban strip from Entebbe through Kampala to Jinja. In March 2005, Umeme was awarded a 20-year concession to manage and operate the assets of Uganda Electricity Distribution Company (UEDCL) as part of broader privatization of power in Uganda, including unbundling transmission, distribution and generation, and awarding concessions to operate existing generation plant. This article on The Observer website ( gives background on some of the individuals and companies involved in the power sector in Uganda.

According to the Actis website: “Since Actis took over the ownership of Umeme following a privatisation process in 2005, the company went through a transformation phase, ramping up capital expenditure, improving the quality of management, formalising procedures, introducing a culture of safety throughout the organisation, and educating the population (mainly children) on the benefits and risks of electricity. By the end of 2010, Umeme had replaced over 120,000 rotten poles as part of its refurbishment programme. Safety is the top priority. The network restoration plans are on target and are due for completion by the end of 2012. Public, employee and contractor safety have improved, but public fatalities continue to occur, primarily because people come into contact with live conductors associated with pockets of the network yet to be refurbished. Umeme, guided by Actis, continues to make a significant effort to eradicate fatalities associated with its network. Much of this progress relies on an extensive school education programme, a 24-hour safety helpline, and the prompt response of the field teams on the ground – in the past it could take up to half a day to make the area around a fallen or unstable pole safe – now the average is 30 minutes. Uganda’s continued growth is pushing up demand for electricity: today approximately 7% of the population has access to electricity. And the proportion of population that has access is growing by 9% per year. Currently, the company connects more than 40,000 new customers every year.”

Bank of Kigali IPO lifts Rwanda Stock Exchange: 52% gain on first day

Interest in share offers is high in Rwanda, after shares of Bank of Kigali (BK) rose 52% to RWF190 in their first day of trading on 1 September. The Initial Public Offer (IPO), which opened on 30 June and ran for a month, offered the shares at RWF125. According to today’s market report (5 September) total trading today was 5 deals in BK shares which ended at RWF172 (it closed on Friday at RWF 191) and in brewer BRALIRWA which was unchanged at RWF246.
The BK shares offered included a sale by the Government of its 20% stake and the bank offered a further 25%, making a total offer of 300.3 million shares for a total value of RWF37.5 billion ($63.6 m). This was 274% oversubscribed with Rwandan investors making up 75% of the shareholding. The retail investors’ pool was oversubscribed by 291%, institutional investors from Rwanda 165%, institutional investors from the region 221%, international investors 330% and BK employees and management 135%, according to a report in the East African newspaper.
The bank plans to use the IPO funds to expand its network including opening 44 branches in 2011, increase the loan portfolio and consolidate its leadership position in the increasingly competitive banking industry. The listing should also boost activity on the young RSE, Africa’s newest stock exchange which was launched on 31 January
Lado Gurgenidze, chairman of the BK board, is reported in New Times newspaper saying: “The transaction and new capital comes at the right time when the bank is focusing on building a great bank and retaining the leading position in the market. Through great service and 45% of the shares being in the hands of the public, we have all the reasons to be optimistic that it will be very liquid on the secondary market.”

Investors waitng for more offers
It is the fourth listing on the RSE. When it launched in January it immediately started trading the shares of the first domestic IPO, brewer Brasseries et Limonaderies du Rwanda BRALIRWA ( This had been offered at RWF136 and started trading at RWF220. The other two counters are cross-listings from Kenya: Kenya Commercial Bank and Nation Media Group.
Reuters reports that appetite for shares is likely to be strong, partly because of the favourable pricing. The BK shares were offered at a multiple of 1.4x book value, a 15% discount to Kenyan banks at the time of the sale. The article quotes Nkoregamba Mwebesa, managing director of CFC Stanbic Financial Services in Kenya, saying: “Being a government exit, the Government is able to offer a discount which will attract (investors). We should continue to see appetite for all that. Rwanda is also stable politically, and that encourages investors as well. When the Government is exiting they don’t care about dilution. They are not out to really make money. The agency reports that market players said the main aim of the government was to help kick-start the bourse.
Future share offerings are likely to attract sustained interest, including government plans to sell a 20% share in the country’s biggest insurer Sonarwa (Societe Nouvelle d’Assurance du Rwanda – Nigeria’s IGI owns 35%). It is also hoping to sell shares in what Reuters called “an unidentified cement firm”, although earlier this year Ciments du Rwanda Ltd was mentioned.
Government has also held talks about selling its 10% stake in telecom operator MTN Rwanda. MTN Group is majority shareholder and has the right of first refusal on any share sales. John Rwangombwa, Minister of Finance and Economic Planning, reportedly said earlier this year: “We have two options; if MTN gives us (Government) the price we want, we will sell the shares to them directly while the other option is through an IPO depending on the other investor.” (as reported on this website)
The Minister had also said that Government would sell more of its stake in BK later. It owned 66.3% before the offer.

T+2 settlement here, electronic trading “by June”
On 3 August the RSE announced that it was adopting a T+2 settlement cycle for all securities with effect from 5 August. Sellers of securities receive money and transfer of ownership is effected on the third day. This replaced T+5 for equities and T+3 for bonds. The new system was made possible after the Central Bank of Rwanda (BNR) introduced a modern payment system, the Rwanda Integrated Payment and Processing System (RIPPS), which offers real-time gross settlement (RTGS), an automated clearing house (ACH), an automated transfer system (ATS) and a central securities depository (CSD).
Reuters reported that the next step would be electronic trading and other steps to attract more stock and debt issues. Robert Mathu, chief executive of Rwanda Stock Exchange, was reported as saying: “We are hoping to put in place an electronic trading platform by June next year.”

Ethiopia to sell 18 more state-owned enterprises

Ethiopia’s Privatization and Public Enterprises Supervising Agency (PPESA – has privatised 287 enterprises since 1995, according to a news report in the local Fortune newspaper. The agency plans to sell 18 companies in direct sales and 5 companies in joint ventures, estimating to collect Birr 1bn ($59 million) during the fiscal year to 7 July 2012.
During the 2009/10 fiscal year, PPESA sold 18 enterprises, an improvement of nearly 50% on the previous year.
Companies to be auctioned in the current year include Agriculture Mechanisation Service Enterprise, Coffee Technology Development & Engineering Enterprise, Kality Metal Products Factory, Bole Printing Enterprise and Coffee Processing & Warehouse Enterprise and it will offer joint ventures on Caustic Soda SC, Ghion Hotel in Addis Abeba, Ethiopian Mineral Development SC, Adola Gold Development, and Limu Coffee Plantation .
The privatization programme is likely to increase in the year to July 2013 and then tail off, according to the report.
The agency is also stepping up its own activities, according to its plan for the 2011/12 fiscal year. It will launch new projects for rubber trees, a coal-phosphate fertiliser complex, hydrogen peroxide and cement. It is communicating with 6 consultants tendering to supply 10,000 tonnes of clinker. The new plans are planned eventually to produce 5,000tn of hydrogen peroxide, 12tn of acrylic, 4,500tn of polyester, 300,000tn of urea fertiliser and 20,000tn of methanol. The rubber tyre plant could process up to 6,000tn of tyre sheets annually.
Last year it made Birr 3.9 bn ($229.5 m) from selling 24 companies (it received Birr 1.4 bn from down-payments and delayed payments) including: Adama Ras Hotel, Harar Ras Hotel, Errer Gota Farm, Ethiopian Hard and Soft Board Factory, Ethiopian Iron and Steel Factory, Bricks Products Processing SC, Abebo Agriculture Development Co, Anbessa Shoe Factory, Tabor Ceramic Production Services, Residential Houses Construction Co, and a number of textile factories.
The agency aims to support Government’s plan to boost industry’s contribution to GDP from the current 13% to 20% and plans to boost its own pretax profits from Birr 2 bn to Birr 5.2 bn in 2015, and increasing export earnings from its companies from Birr 645 million to Birr 1.8 bn (it made Birr 72 m in the fiscal year to July 2011).

Rwanda’s bubbling brewer – profits soar 63%

Rwanda’s biggest brewer, the Brasseries et Limonaderies du Rwanda BRALIRWA (, says post-tax profit leapt by 62.8% in 2010, driven by increased sales, higher pricing and improved cost management. BRALIRWA was the first listing on the Rwanda Stock Exchange which opened on 31 January.
BRALIRWA’s Initial Public Offer (IPO) last November was 174% oversubscribed. It has encouraged Government to push ahead with privatization plans outlined in the current 5-year plan.
According to a report on Reuters,Chief Executive Officer Sven-Erik Piederiet said in a statement on Tuesday: “I am confident that BRALIRWA remains well positioned to capitalise on the attractive growth opportunities in Rwanda.”
Net profit for the year to 31 December increased 63% to RWF 10.3 billion ($17.5 million) against the previous year (RWF 6.34bn)and in a press release the company says this was “driven by robust operating profit growth, lower interest expense and lower income tax expense”. EBIT was up 49.2% “driven by a strong volume performance, higher pricing and effective cost management”. Revenues were up 16% to RWF 52.8 bn through a 13% rise in volumes and higher prices. The brewer is well positioned to capitalise on growth opportunities. Earnings per share jumped 62.8% in 2010 to 20.09 francs. Despite the growth plans, the company recommended a 100% payout with a dividend of RWF 20.09 per share, up from RWF 12.34.
BRALIRWA shares closed on 17 May at RWF 228, up 68% on the January launch price of RWF 136, according to a report in New Times newspaper, the price climbed by RWF 21 that day, as investors anticipated the dividends.
BRALIRWA, majority owned by Heineken, is Rwanda’s oldest brewery. It has rights to produce brands such as Guinness and Amstel and branded soft drinks such as Coca Cola. Its main brand is Primus.
Jean Paul Van Hollebeke, Chairman of BRALIRWA’s Board of Directors, said that the brewer achieved compounded average growth in net profit of 56.1% over the period 2007-2010, demonstrating the successful implementation of strategic initiatives. He said a strong operational focus on top-line growth and disciplined cost management, combined with a favourable economic environment and the consistent implementation of constructive government policies drove a robust profit: “BRALIRWA was able to deliver the strong performance owing to a continuous focus on our core values, the talent and commitment of our people, the strength of our brands, the partnerships with our distributors and our ambition to continue to lead the market and promote profitable future growth.”
Rwanda Stock Exchange Operations Manager Celestin Rwabukumba was quoted saying the perception of local investors of the market is now positive because of its transparency, something likely to influence future Initial Public Offerings (IPOs): “It does provide serious confidence in the market and it is likely to influence other companies that may want to list.”

Rwanda Government to raise $42 mn by selling shares in Bank of Kigali and MTN

The Rwandan Government plans to raise Rwf25 billion ($42.2 million) through the sale of its shares in Bank of Kigali Ltd ( and telecom company MTN Rwanda ( in coming months.
The bank is Rwanda’s biggest lender by assets and it said the Government will sell a 20% stake to private investors in an Initial Public Offering (IPO) scheduled for June, according to a report on Bloomberg. In addition the bank will offer 25% of its shares to the public, according to the report, citing Chief Operating Officer Lawson Naibo. The Government owns 66.3% and will anticipate selling the rest of its stake later, according to John Rwangombwa, Minister of Finance and Economic Planning, during a press conference on 9 May on the budget framework. He is quoted in the New Times newspaper as saying: “BK is confirmed; we are to sell our shares through an IPO. We started the process and it’s expected to be concluded by September, including listing BK on the Rwanda Stock Exchange (RSE).”
Minister Rwangombwa said there is expected to be strong demand. Last November 2010, the Government sold 25% of Brassieries et Lemonaderies du Rwanda SA (BRALIRWA), a unit of Heineken NV (HEIA), and the IPO was 174% oversubscribed. BRALIRWA shares closed at RwFr 228, up 68% on the January launch price of RwFr 136.
BK plans to open 44 branches across Rwanda in 2011, and the stock should be attractive stock given its rapid growth and stability.
The Minister also said Government is in negotiations with MTN Group regarding its 10% stake in MTN Rwanda. MTN Group is majority shareholder and has the right of first refusal on any share sales. The Minister reportedly said: “We have two options; if MTN gives us (Government) the price we want, we will sell the shares to them directly while the other option is through an IPO depending on the other investor.”
The Treasury will include the expected proceeds in the budget for the next fiscal year. The Minister said: “This is part of the Government commitment to promote accelerated economic growth under its five year plan of EDPRS (Economic Development and Poverty Reduction Strategy 2008-2012) but also its the approach to liberalise the market.” Rwanda is a high-growth country and a top performer in improving its business and economic climate. It is working towards an ambitious long-term Vision 2020 that seeks to transform the country into a middle-income economy.
The Government remains keen to use IPOs to support the growth of the Rwanda Stock Exchange launched on 31 January by boosting market liquidity and ultimately supporting the country’s economic growth through attracting more inventors and increasing national savings.
The RSE has so far mainly attracted Treasury and corporate bonds, and 2 cross-listed Kenyan companies, Kenya Commercial Bank (KCB) and Nation Media Group. BRALIRWA is the only local listing.

Rwanda starts pre-offer campaign for BRALIRWA

Rwanda’s Capital Markets Advisory Council ( has launched a 2 weeks’ pre-offer campaign across the country to sensitize people ready for the initial public offer (IPO) of BRALIRWA. The Government is selling its 30% shareholding in Rwanda’s main beer and soft drinks manufacturer and distributor. Heineken previously bought 70%. from the Government and remains the major shareholder.
According to a report in the New Times newspaper (, no date has yet been set for the IPO and discussions continue, but it is still expected this year.
The paper quotes Celeste Rwabukumba CMAC Operations Manager:”This is the first phase of the campaign and we are targeting opinion leaders, business people as the IPO take place soon.” He said that the campaign would inform the public about the benefit of buying the Government shares which are intended to benefit them.
The pre-offer campaign started in the Northern Province and will then move to other parts of the country. It will include media such as radio, television and newspapers.
After this IPO, Government is expected to sell its shares in other major companies, including MTN Rwanda and Sonarwa, an insurance company.
CMAC is the overseer and regulator of Rwanda’s stock markets. It also charged with contributing to Rwanda becoming a competitive financial centre in the region.

Rwanda makes $130 mln from privatisations

The sale of 56 enterprises has made at least Rwf 75 billion (US$131 million) for the Government of Rwanda. According to a report in the New Times newspaper ( Minister for Finance and Economic Planning, John Rwangombwa, told members of the Senate in mid-March that initially the plan was to sell 94 of its companies.
He is reported as saying: “10 of them were later scrapped off the list, seven liquidated and 56 sold off. Right now, 19 institutions are up for sale.”
He said the proceeds of the sales are being used in development projects, including as part of the national budget. The sale of Terracom, currently renamed Rwandatel ( made possible investment in fibre optics.
Minister Rwangombwa said that the Government had removed some companies from the sale list because it had realised that some were “so bankrupt” that no-one would buy them and so they were liquidated, and Government repossessed others because they posed environmental hazards.
He added that Government had set up a department in the Rwanda Development Board to monitor and evaluate the performance of privatised companies, compared to previously when it only focused on selling, without follow up. He said Government had taken back some companies which were allegedly mismanaged: “You can tell from the companies we have repossessed and resold to other investors. They are doing so well, a good example being Rwandatel.”

Results of Uganda’s NIC privatisation share offer

Uganda’s National Insurance Corporation (, was oversubscribed after Uganda Shilling (UGX) 9.5 billion (US$4.6 million came in applications when Government offered its remaining 40% stake in the company in an 161,552,000 shares totalling UGX 7.2 bln.
Shares are set to trade on the Uganda Securities Exchange ( according to a report on Reuters newsagency, quoting Jim Mugunga, communications manager for the Uganda’s Privatisation Unit.
It will be a welcome boost to the USE, which had seen foreign investors leaving in the global crisis and share prices falling. It is reportedly the first listing since 2006.
Retail investors were allotted 90% of the shares, which had been sold at “a subsidised affordable price” of UGX 45 ($0.02) each, according to the insurer’s website. per share. Another 4% of the issued shares has been reserved for the permanent employees of NIC at the IPO price.. In 2005, the Government had sold 60% of the company to Nigeria’s In June 2005 the Government had sold 60% of the shareholding in NIC to Industrial and General Insurance Company Limited (lGI) of Nigeria (,
Reuters quotes an analyst at African Alliance brokerage (, Keneth Kitariko, saying he expects NIC’s share price will rise modestly in the secondary market.
“We do expect some correlation between the level of oversubscription and performance in secondary market, so mostly we’ll see a share price rise but the numbers will be conservative,” he said.
Reuters says discovery of large crude oil deposits turned a spotlight on East Africa’s third-largest economy, where growth is expected to be 5% in fiscal 2009-2010 and then climb to 7% the next year.
According to the NIC website: “The Government of Uganda has to-date privatized 6 of Uganda’s successful public companies by way of IPOs. The companies namely are; – Uganda Clays Limited (UCL), British American Tobacco Uganda Limited (BATU), Bank of Baroda (U) Limited (BOBU), DFCU Limited, New Vision Printing and Publishing Company Limited (NVL), and Stanbic Bank Uganda Limited (SBU).”