Umeme
| Public Utility: USE: UMEME | |
| Industry | Energy industry |
| Founded | 2004 |
| Headquarters | Kampala, Uganda |
|
Key people
|
Patrick Bitature, chairman Selestino Babungi, chief executive officer |
| Services | Electricity |
| Revenue |
 Aftertax: UGX:105.9 billion (US$30.9 million) (2015) |
| Total assets | UGX:1.775 trillion (2015) |
|
Number of employees
|
1,389+ (2015) |
| Website | Homepage |
Umeme Company Limited is the largest energy distributor in Uganda, distributing 97 percent of all electricity used in the country. The shares of the stock of the company are listed on the Uganda Securities Exchange (USE) and are cross listed on the (NSE). As of June 2015, the company's total assets were approximately UGX:1.775 trillion, with shareholder's equity of approximately UGX:503.8 billion. As of January 2016, Umeme's customer base was about 790,000, with approximately 16,000 customers being added every month. The company expects its customer base to exceed 1 million by the end of 2016.
Umeme was formed in 2004 when the government of Uganda sold the Uganda Electricity Distribution Company Limited to a consortium belonging to Globeleq (56 percent), a subsidiary of the Commonwealth Development Corporation of the United Kingdom, and Eskom (44 percent), the electric generating company of South Africa. The transfer of assets did not take place until 1 March 2005.
During 2006, the consortium formed by Globeleq and Eskom was restructured, with Globeleq becoming the sole owner of Umeme.
On 15 October 2012, Umeme became a listed company on the USE. A total of 622,378,000 shares, representing approximately 38 percent of its issued share capital, became listed on the Ugandan bourse in an initial public offering (IPO). The shares of the company started trading on the USE on 30 November 2012. Umeme shares were first cross-listed on the NSE on 14 December 2012, with active trading commencing on 31 July 2013. The company expected to use the proceeds from the IPO, estimated at UGX:171 billion, to expand its power distribution network and payoff debt.
As of November 2016, the ten largest shareholders in the stock of the company were:
The Umeme board of directors has six members, five of whom are non-executive. Patrick Bitature, one of the non-executive directors, serves as the chairman of the board. Umeme is structured into twelve management departments, each headed by a senior manager. The senior managers form the Executive Committee, whose members were the following as of March 2016:
Under the Executive Committee, Umeme has 25 other managers who assist the executives to implement company policy and run the company on a daily basis. In March 2015, Selestino Babungi was appointed managing director, replacing Charles Chapman who served in that role from February 2009 until March 2015.
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Wikipedia