The Uganda Securities Exchange (USE) currently has 7 listed equities, Bank of Baroda Uganda (BOBU), British American Tobacco Uganda Limited (BATU), Development Finance Company of Uganda Limited (DFCU), East African Breweries Limited (EABL), Kenya Airways (KA), New Vision Printing & Publishing Company Limited (NVPPCL) and Uganda Clays Limited (UCL). UCL was listed in January 2000, BAT Uganda was listed in October 2000, EABL was listed in March 2001, Kenya Airways was listed in March 2002 and Bank of Baroda Uganda was listed in November 2002, DFCU Limited was listed in October 2004 and New Vision Printing and Publishing Company Limited was listed in December 2004.

1. New Vision Printing and Publishing Company Uganda Limited
This was the seventh company to be listed on the USE. The shares were sold to the Public at Ushs.200, and on the first day of trading, the market opened at Ushs.235 and closed at Ushs.245. There was a 30.1% IPO over subscription. 10,200,000 shares were on offer to the public for a period of 5 weeks from 17 September, 2004 to 19 November, 2004.

NVPPCL was incorporated in 2002 as a Public Limited Liability Company and successor company to New Vision Printing and Publishing Corporation (NVPPC) for purposes of effecting its divestiture. This process was undertaken within the legal provisions of section 28 of the Public Enterprise Reform and Divestiture Act (Cap.98) (PERD ACT). The company is 100% owned by Government.

NVPPCL has set out to produce world-class editorial products using world-class practices. It also provides advertising and commercial printing services. The company’s main products include New Vision, Sunday Vision, Bukedde, Orumuri, Rupiny, Etop, Electronic versions on www.newvision.co.ug, advertising Services and Commercial Printing.

The company covers a wide geographical range of the country as well as Kenya, Rwanda and Tanzania. On average, total newspaper sales are estimated at 55,000 a day.

The team of advisors to NVPPCL IPO included: Lead Advisors & Sponsoring Broker – MBEA Brokerage Services (Uganda) Limited; Legal Counsel - J.B. Byamugisha Advocates; Reporting Accountants - KPMG; Communications Consultants - QG Saatchi & Saatchi & TERP Consult Group; Registrars - Livingstone Registrars (Uganda) Limited (a service company of Deloitte & Touché Uganda); Lead Receiving Banker – Stanbic Bank Uganda Limited.

2. Development Finance Company of Uganda Limited
This was the second financial institution and the sixth company to be listed on the USE. The shares were sold to the Public at Ushs.230, and on the first day of trading, the market opened at Ushs.290 and closed at Ushs.305. There was a 1.1% IPO over subscription. 79,509,743 shares were on offer to the public for a period of 7 weeks from 30 July 2004 to 17 September, 2004.

DFCU Limited has been in existence since 14 May 1964 and is the parent company of the DFCU Group. It is a leading financial institution which provides mortgage finance and term finance, and through subsidiaries, commercial banking services, and lease finance for the development of business in Uganda. The Company also holds a number of property investments. Of the services provided by the DFCU Group, term finance is the founding and oldest business activity of the Group.

DFCU Limited was started by the Commonwealth Development Corporation of the United Kingdom and the GoU under the name of Development Finance Company of Uganda Limited to support long term development projects whose financing needs and risk did not appeal to the then existing financial/commercial lending institutions. The institution was established to supplement and support services offered by general financial institutions.

The Group is comprised of DFCU Leasing Limited, DFCU Bank Limited, Rwenzori Properties Limited and Nakasero Properties Limited.

The team of advisors to DFCU Limited IPO included: Lead Advisors and Sponsoring Broker – MBEA Brokerage Services (Uganda) Limited; Legal Counsel/Transaction Lawyer - Katende, Ssempebwa & Company Advocates; Reporting Accountants - Ernst & Young; Lead Receiving Banker – Stanbic Bank Uganda Limited; Lead Foreign Broker – Dyer & Blair Limited; Public Relations Consultants - Vantage Communications (Uganda) Limited; Registrars - Livingstone Registrars (Uganda) Limited (a service company of Deloitte & Touché Uganda).

3. Bank of Baroda Uganda
This was the first financial institution and the fifth company to be listed on the USE. The admission of Bank of Baroda Uganda shares to the Official List of the USE took place on 14th November 2002. The shares were sold to the Public at Ushs.600, and on the first day of trading, the market opened at Ushs.700 and closed at Ushs.715. There was a 17% IPO over subscription. 8,000,000 shares were on offer to the public for a period of 4 weeks from 2nd September to 27th September.

Bank of Baroda Uganda is a wholly owned subsidiary of Bank of Baroda, India, one of the leading banks in Asia with over 2,631 branches in India and 38 branches overseas. Bank of Baroda India has been in operation for 94 years in India and 49 years in East Africa, opening its first overseas branch in Mombasa and Kampala in 1953. The Group commenced operations in Uganda in December 1953, initially as an overseas branch of Bank of India. In November 1969, Bank of Baroda was duly incorporated in Uganda. In 1972, Baroda acquired the banking business of Bank of India Uganda Limited, and following provisions of the Companies Act, 1970, the Government of Uganda acquired 49% shareholding, leaving Baroda India with a 51% shareholding.

Bank of Baroda Uganda’s sale of shares was due to a commitment made to the Government of Uganda in June 1999, at which time the Government sold its 49% shareholding in Bank of Baroda Uganda to the Bank’s parent company, Bank of India, according to the provisions of the Public Enterprise Reform and Divestiture (PERD) Statute, 1993. The commitment was that Bank of Baroda, India would sell 20% of the Bank’s shares to the public 3 years after, and list the Bank on the USE. That commitment has thus been fulfilled.

Based on financial statistics, Bank of Baroda is currently the sixth largest bank in Uganda with banking operations in major towns in Uganda, namely; Kampala, Jinja, Mbale, Mbarara and Iganga. Products include savings account deposits, current account deposits, time deposits, loans, overdraft facilities, ATM facilities, FOREX services, safe custodial services and share brokerage and investment advisory services through Baroda Capital Markets, a wholly owned subsidiary.

The team of advisors to Bank of Baroda Uganda IPO included: Lead Advisors – KPMG Peat Marwick; Lead & Sponsoring Broker - MBEA Brokerage Services (Uganda) Limited; Legal Advisors – Kateera and Kagumire; Registrars - Livingstone Registrars (Uganda) Limited; Reporting Accountants - KPMG Peat Marwick; Public Relations Consultant – Lowe Scanad Uganda.

4 . Kenya Airways (KA)
The introduction of Kenya Airways (KA) shares to the official list of the USE took place in March 2002. This was the second cross listing on the USE after EABL. The company’s primary listing is on the Nairobi Stock Exchange (NSE) where it was listed in 1996. On its first day of trade on the USE, the market opened at Ushs.185 and closed at Ushs.195.

Kenya Airways was incorporated on 22nd January 1977 as a company wholly owned by Government of Kenya following the collapse of East African Airways, which came about as a collapse of the East African Community (EAC). The Airline has interests in 4 subsidiaries: Flamingo Airlines Limited (100%), the domestic carrier, Kenya Airfreight Handling Limited (100%), African Cargo Handling Limited (100%) and Kencargo Airlines International Limited (60%). The Airline was privatized in late 1995, with the introduction of KLM Royal Dutch Airlines as a strategic partner and investor holding 26% of the shares in the company. The second stage of privatization involved an initial public offering (IPO) of the company’s shares in the biggest share offering in Kenya’s history, which was over subscribed by 82%.

The Airline boasts of an impressive growth recorded in terms of fleet development, productivity, information Technology and network expansion, alongside numerous awards achieved.

Kenya Airways was voted East Africa’s Second (2nd) Most Respected Company for 4 years running in 2000, 2001, 2002 and 2003, in a PricewaterhouseCoopers survey.

The team of advisors to KA included: Lead Advisors - Shah, Munge & Partners Limited; Sponsoring Broker - MBEA Brokerage Services; Legal Advisors (Kenya) - Kaplan & Stratton, Advocates; Legal Advisors (Uganda) – Katende, Ssempebwa & Company Advocates; Registrars - Barclays Advisory and Registrar Services Limited.

5. East African Breweries Limited (EABL)
The introduction of the shares of EABL to the Official List of the USE took place on 27th March 2001. With the introduction, EABL became the first company to be cross listed on the USE, as well as the first company to be cross listed on 2 different Stock Exchanges in 2 different countries in the East African sub-region. EABL's primary listing is on the Nairobi Stock Exchange (NSE), where the company was first listed in 1972. At the time of the introduction, the company was ranked 4th (in terms of capitalisation) among the listed companies on the NSE. On the first day of trading on the USE, the market closed at Ushs.1,900.

EABL is the group holding company for the largest brewing concern in East Africa with operations in Kenya, Uganda and Tanzania. In Kenya, EABL owns all the shares of Kenya Breweries Limited, Central Glass Limited and Kenya Maltings Limited. In Uganda, it owned 93% of the shares of Uganda Breweries Limited at the time of the introduction, and intends over time to increase it’s holding to 100%. At the time of the introduction, the company owned 86% of Kibo Breweries Limited, and also intends to buy out the local shareholders in order to hold 100% of the shares.

EABL's major shareholders include Diageo and Guinness. Diageo is the parent company of an international group of companies including Guinness (brewing and marketing of beer) and United Distillers & Vintners (distilling and marketing of spirits), with a presence in approximately 145 countries worldwide. Diageo is the world's largest alcoholic drinks business, with an annual turnover of approximately US$19 billion in 2000. Diageo is listed on the London Stock Exchange. Guinness, in various forms, has traded in Africa since the early 1800's when Guinness Stout was first imported to Sierra Leone. The company operates in 45 African Countries with brewing facilities in 22 of them. It has 5 subsidiary companies in Africa, the largest of them being in Nigeria. Guinness has a long history of co-operation and collaboration with EABL. The Group has brewed and marketed Guinness Stout under license throughout East Africa for more than 15 years. The co-operation has included technical services and management agreements.

EABL was voted The Most Respected Company in East Africa for 4 years running in 2000, 2001, 2002 and 2003, by over 130 business leaders from publicly quoted enterprises, state-owned organisations, major subsidiaries of multi-national corporations and private companies in East Africa, who were surveyed by PricewaterhouseCoopers and Nation Media Group. The awards were granted in recognition of the company's customer service, creativity and innovation, leadership in employee and customer relationships, integrity and its commitment to social responsibility.

The team of advisors to EABL included: Sponsoring Broker - MBEA Brokerage Services; Investment Advisors - Shah, Munge & Partners Limited; Legal Advisors (Kenya) - Kaplan & Stratton, Advocates; Legal Advisors (Uganda) - Mugerwa & Masembe, Advocates; Registrars - Barclays Advisory and Registrar Services Limited.

6. British American Tobacco Uganda Limited (BATU)
BAT Uganda was listed on the USE on 3rd October 2000. The company was the second company in which the Government of Uganda sold its shares to the public through an initial public offering (IPO) and listing of the Company on the USE. The Offer of 4,907,984 shares was 5% oversubscribed. On the first day of trading, the market opened at Ushs.1,150 and closed at Ushs.1,205.

4,907,984 out of a total of 49,080,000 ordinary shares were on offer to the public at a price of Ushs.1,000, for a period of 6 weeks from 28th June to 09th August 2000.

BAT Uganda is the leading cigarette manufacturer and tobacco leaf exporter in the Country. BAT Uganda 1984 Ltd was formed in 1984 under a joint venture agreement with Government of Uganda, in which the Government held 30% of the shares and BAT Investments held 70%. In 1998, the company adopted the BAT worldwide corporate identity to become British American Tobacco Uganda. Thereafter in 1999, the Government of Uganda sold 20% of its interest to BAT Investments under pre-emptive rights, while reserving the 10% balance for sale to the public through an IPO the listing of the company on the USE.

The team of advisors to the Government on the IPO was led by MBEA Brokerage Services, who served as Joint-Lead Advisor and Lead & Sponsoring Broker. The other Advisors to the transaction included: Joint Lead Advisors - HSBC Investment Services (Africa) (Pty) Limited; Foreign Lead Broker - Shah, Munge & Partners Limited; Legal Advisors - Byamugisha & Rwaheru, Advocates; Reporting Accountants - KPMG; Registrars – Livingstone Registrars (Uganda) Limited; Public Relations Firm - adaptTBWA.

7. Uganda Clays Limited (UCL)
In October 1999, UCL was the very first State-owned Enterprise (SOE) to be privatized through an initial public offering (IPO), followed by a listing of the Company on the USE on 18th January 2000. The UCL listing was the USE's first equity listing. The Offer of 325,000 shares was 15% oversubscribed. On the first day of trading, the market opened at Ushs.4,495 and closed at Ushs.4,505.

325,000 out of a total of 500,000 ordinary shares were on offer to the public at a price of Ushs.4,000, for a period of 7 weeks from 11th October to 26th November 1999. Before the decision to privatize UCL, the Government of Uganda, represented by the National Housing and Construction Corporation (NH&CC), owned 75% of the Company, while the minority shareholder, White Tower Corporation (a company headquartered in Lausanne, Switzerland), owned 25%. Following the divestiture, 55% of the Company was sold to the public through the IPO, 20% to employees and the balance of 25% was retained by White Tower Corporation.

UCL is the Country's leading supplier of building clay products. Its main business is the production and sale of roofing tiles, walling materials such as burnt clay bricks, interlocking and corner blocks, partition blocks, ventilators, suspended floor units, floor tiles, pipes, other building materials, and decorative clay products such as grilles, flower pots, vases and other pottery.

The team of advisors to the Government on the IPO was led by MBEA Brokerage Services, who served as Lead Advisor and Lead & Sponsoring Broker. The other Advisors to the transaction included: Co-Financial Advisors - CAL Merchant Bank Limited (Accra, Ghana) / Pryor, Counts & Co., Inc. Investment Bankers (Philadelphia, Pennsylvania, USA); Legal Advisors - Byamugisha & Rwaheru, Advocates; Reporting Accountants - PricewaterhouseCoopers; Registrars - Livingstone Registrars (Uganda) Limited; Public Relations Firm - adaptTBWA.