Uganda Securities Exchange (USE) marked 20 years in the Ugandan market at a stakeholder dinner held at Kampala Serena Hotel graced by the Deputy Governor Bank of Uganda Dr. Louis Kasekende, Nairobi Securities Exchange (NSE), CEO, Geoffrey Otieno Odundo who was the keynote speaker and USE Board of Directors.
Speaking at the event, Paul Bwiso the CEO USE said, “Today marks a major milestone for us as USE as we mark twenty years in Uganda. It is a journey that has seen us enjoy a strong wave of growth and innovation together with our partners.”
The USE was incorporated as a company limited by guarantee on 5th May 1997 and became the 17th stock Exchange in Africa. East Africa Development Bank (EADB) was the first company to list with a 4 year UGX10 billion bond in 1998, while East African Breweries was the first cross listing in 2001 followed by Kenya Airways in 2002.
In his speech read by the USE Director Richard Byarugaba, Charles Mbire, the USE Board Chairman challenged the Exchange to continue innovating so as to compete for business with financial institutions.
“The local market conditions remain challenging, this means that as an Exchange, we need to carefully review our value addition to all stakeholders; investors, issuers, custodians, brokers and all market intermediaries.”
With the demutualisation of the Exchange, Mr. Mbire noted that it will allow for greater investor participation in the governance of the Exchange. “Demutualisation paves way for the planned self-listing of the USE through an Initial Public Offer (IPO) that we hope to achieve in the next couple of years,”.
During his key note address the Nairobi Securities Exchange CEO Mr. Geoffrey Odundo noted that the there is need for a lot of collaboration between the government and the Exchanges. “Governments needs to use Exchanges to raise capital. There is opportunity and liquidity to support the IPOs.” Noted Odundo
The Deputy Governor, Bank of Uganda Dr. Louis Kasekende noted that there’s need for research into obstacles which deter companies from listing so as to formulate realistic policy solutions.
