Actis reduces stake in Ugandan distributor Umeme

UK private equity firm Actis has completed a two-part sale of shares in Ugandan distribution utility Umeme in a deal worth $98m. The transaction saw Actis give up its position as largest shareholder with the sale of 45.7% of the utility’s shares. South Africa’s Investec Asset Management is now the single biggest holder of Umeme shares with 18.47%, while Umeme Holdings Ltd, Actis’ investment vehicle, retains 14.3%, and Uganda’s main pension fund National Social Security Fund increases its interest to 14.27%. The $85m institutional tranche was heavily oversubscribed and closed on 14 May.