Umeme Limited said on Tuesday it has suspended trade in its shares on the Kenyan and Ugandan bourses pending the sale of a major stake by a key shareholder.
Umeme Holdings Limited owns 60.08 percent of the company and had plans to sell a significant stake of its shareholdings through a private placement, Umeme said in a statement published in Kenya’s Daily Nation newspaper.
There were no more details about the private placement reports Reuters.
Reports also say it had received regulator approval to suspend trading in Uganda and Kenya, where it is cross-listed, for a maximum of two weeks, starting Tuesday.
Umeme’s shares closed at 360 shillings ($0.14) on Monday. The company posted an 89 percent rise in 2013 pretax profit to 115.2 billion Ugandan shillings.