Centenary Bank plans to list 5%-10% of its shares on the Uganda stock exchange, with shareholder exits expected. The bank, majorly owned by Ugandan Catholic dioceses, has significant assets and serves millions of customers. This move will align it with other listed banks like Stanbic.
Centenary Bank in Uganda announced its intention to list between 5% and 10% of its shareholding on the local stock exchange. This decision was communicated by Brenda Magoba, the company secretary and head of legal affairs, during a conference held in Kampala. She noted that two shareholders plan to exit soon, with their shares available for sale; however, no specific timeline for the listing was provided.
With assets amounting to 7.1 trillion Ugandan shillings (approximately $1.94 billion), Centenary Bank is one of the leading financial institutions in Uganda, catering to 3.1 million customers. The majority ownership lies with Ugandan Catholic dioceses, while a minority stake is held by European investment firms, including France’s Solidarity International Development Investment (SIDI).
If the listing proceeds, Centenary Bank will join five other listed banks on the Uganda Securities Exchange, including Stanbic Bank, the largest in the country and part of the South Africa-based Standard Bank Group. Notably, the most recent initial public offering (IPO) on the Ugandan bourse occurred in 2023 when Airtel Uganda offered 20% of its shares for sale.
Centenary Bank’s plan to list on the local stock exchange represents a significant development in Uganda’s banking sector. The upcoming exit of certain shareholders and the bank’s solid asset base position it well for this move. By joining other listed banks, Centenary aims to enhance its visibility and attract more investors in the burgeoning Ugandan market.
Original Source: www.tradingview.com
