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UGANDA NIC SHARES OVERSUBSCRIBED

nic.gifUganda’s National Insurance Corporation was oversubscribed after Uganda Shilling (UGX) 9.5 billion (US$4.6 million came in applications when Government offered its remaining 40% stake in the company in an 161,552,000 shares totalling UGX 7.2 bln.

Shares are set to trade on the Uganda Securities Exchange, according to a report on Reuters newsagency, quoting Jim Mugunga, communications manager for the Uganda’s Privatisation Unit.
It will be a welcome boost to the USE, which had seen foreign investors leaving in the global crisis and share prices falling. It is reportedly the first listing since 2006.