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 Uganda to the market in an IPO (2006: 1x oversubscribed) and Umeme Limited (2012). 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 Limited US$ 30 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 counsel listed companies on disclosure obligations under the Uganda Securities Exchange Listing Rules, and have advised Stanbic Bank Uganda, Umeme Limited and British American Tobacco Uganda Limited 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 a listed company; the resultant share transfer being the largest ever equity block trade in the history of the Uganda Securities Exchange.
Between 2016 – 2017, we acted as exclusive legal counsel to the USE for its landmark demutualization [conversion from a member-owned exchange to a self-regulating for-profit entity].
Recent notable work highlights include:
- Advising a publicly-traded financial services group on a US$ 55 million rights issue on the USE.
- Acted as Ugandan counsel to 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.
- Advised the Uganda Securities Exchange on its demutualization [conversion from a member-owned exchange to a self-regulating for-profit entity].
- Advised CIC Africa (Uganda) on a landmark and first-of-its-kind US$ 3 million public offer of securities to a targeted market / investors (savings and credit co-operative societies in Uganda)
- Acted for Kakira Sugar Limited the issue of an up to US$ 30 million medium-term notes programme on the USE.
- Advised Umeme Limited, as part of transaction advisory team at Stanbic Bank Uganda, on its approximately US$ 50 million initial public offer, listing and cross-listing in 2012.
- Advised a regional development bank on the listing of a multi-currency medium-term notes programme on the USE.
- Advised a leading private sector development finance entity on the issue of its Pan-African Domestic medium-term notes programme on the USE.
- Advised Standard Chartered Bank Uganda on its listing of a US$ 18 million medium term-notes programme on the USE.
- Acted as local counsel to the Nation Media Group, East & Central Africa’s largest media house, for its cross-listing on the USE.
- Advised Stanbic Bank Uganda, as in-house counsel, on its US$ 22 million initial public offer and listing in 2006-2007, which IPO was over-subscribed
- Advised Uganda Telecom Limited on its listing of a US$ 22 million medium term-notes programme on the USE.
- In capital markets mergers and acquisitions, acted for Rabobank in its acquisition of a 27.5% equity stake in dfcu Limited, a listed entity, and for NORFUND in its acquisition of a further 17.4% equity stake in dfcu Limited.