Centenary Bank plans to list 5%-10% of its shares on the Uganda stock exchange as two shareholders plan to exit. The bank, which has assets of 7.1 trillion UGX and serves 3.1 million customers, aims to join other listed banks. No specific listing date was provided.
Centenary Bank in Uganda is preparing to list between 5% and 10% of its shares on the Uganda stock exchange. This announcement was made by Brenda Magoba, the bank’s company secretary, during a conference in Kampala. The intention behind this listing stems from two shareholders looking to exit the bank “soon,” and their shares will be available for purchase.
Although Magoba confirmed the planned share offering, she did not specify the timeline for the listing or identify the shareholders leaving the bank. Centenary Bank holds a significant position in Uganda’s banking sector with assets totaling 7.1 trillion Ugandan shillings (approximately $1.94 billion), serving around 3.1 million customers.
Currently, the majority ownership of Centenary Bank lies with Ugandan Catholic dioceses, with minority stakes held by various European funds, including France’s Solidarity International Development Investment (SIDI). If the listing proceeds as planned, it will place Centenary Bank alongside five other banks already listed on the exchange, including Stanbic Bank, which is the largest in Uganda and part of South Africa’s Standard Bank Group.
The Ugandan bourse saw its last initial public offering (IPO) in 2023, featuring Airtel Uganda, which sold a 20% stake. This upcoming listing by Centenary Bank could indicate a renewed interest in expanding banking investments on the local stock exchange.
Centenary Bank’s potential listing of 5%-10% of its stake on the Uganda stock exchange marks a significant development in the Ugandan banking sector. Driven by shareholder exits, this move could enhance market participation for Centenary and follow the trend of other established banks’ listings. It reflects a broader opportunity for investment in Uganda’s financial landscape, especially following the recent IPO by Airtel Uganda.
Original Source: www.tradingview.com
