Our capital markets expertise covers equity and debt capital markets, mergers and acquisitions and regulatory compliance.
In equity capital markets, we possess capabilities in initial public offerings (IPO), cross-listings and rights issues, as well as secondary market transactions on the Main Investment Market Segment of the Uganda Securities Exchange (USE). The partner in charge of our capital markets practice was part of the team that took Stanbic Bank and Umeme to the market in oversubscribed IPOs. We also advised the Nation Media Group on its cross-listing on the USE in 2011.
Our debt capital markets expertise covers the listing of corporate bonds on the Fixed Income Market Segment of the USE; our most recent transaction being the listing of the Kakira Sugar USD30 million medium-term notes programme 2013. We have also previously advised Uganda Telecom Limited (2003), Standard Chartered Bank Uganda (2010), the East African Development Bank (2013) and Stanbic Bank Uganda (2009, as in-house counsel) on the listing of corporate bonds on the USE.
We advise listed companies on disclosure obligations under the Uganda Securities Exchange Listing Rules, and have advised Stanbic Bank, Umeme and British American Tobacco on disclosure matters in connection with the occurrence of material business matters. We also possess deal specialism in capital markets mergers and acquisitions and acted as legal counsel in the very first transaction in Uganda to test the application of the Capital Markets (Takeover and Mergers) Regulations 2012 following Rabobank and Norfund’s equity acquisition in dfcu Limited; the resultant share transfer being the largest ever equity block trade in the history of the USE at the time.
Experience has included advising:
- dfcu Limited, a publicly-traded financial services group, on a USD55 million rights issue.
- Vivo Energy plc in connection with Vivo Energy plc’s listing on the London Stock Exchange, and to listing and trading as a secondary inward listing on the Johannesburg Stock Exchange.
- CIC Africa (Uganda) on a landmark and first-of-its-kind USD3 million public offer of securities to a targeted market / investors (savings and credit co-operative societies in Uganda).
- Kakira Sugar Limited the issue of an up to USD30 million medium-term notes programme.
- Umeme Limited, as part of transaction advisory team at Stanbic Bank, on its approximately USD50 million initial public offer, listing and cross-listing in 2012.
- Standard Chartered Bank on its listing of a USD18 million medium term-notes programme.
- Nation Media Group, East & Central Africa’s largest media house, on its cross-listing.
- Uganda Telecom Limited on its listing of a USD22 million medium term-notes programme.
- Band 1 – General Business Law (Chambers & Partners 2019)
- Tier 1 – Financial and Corporate (IFLR1000 2019)