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UAP Gets Bond Issue Greenlight

June 30, 2014



UAP Holdings have been given approval by Capital Markets Authority to issue Sh2 billion bond which help the financial services firm boost its capital and investment plans in the region.

The bond will be listed on the fixed income securities segment of the market. The funds raised will also be used to strengthen the firm's subsidiaries in East Africa and grow its long term investment portfolio.

"The Authority granted the approval following review of the application and is satisfied that it meets the requirements of the Capital Markets Act, and the Second Schedule and Part C of the Third Schedule to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, by enabling investors make an informed decision," noted a statement released from the Authority.

UAP first went into the securities market in 2012 when it floated 12.5 million ordinary shares to raise money to boost its regional operations.

Since then the company has grown its investments in real estate regionally with properties in Uganda, Rwanda and South Sudan.


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Source: AllAfrica


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