Uganda Securities Exchange (USE) has re-branded as it marked 20 years.
This was at a stakeholder dinner which was graced by the Deputy Governor Bank of Uganda Dr. Louis Kasekende and the Nairobi Securities Exchange (NSE), CEO, Geoffrey Otieno Odundo.
Speaking at the event held at Kampala Serena Hotel, 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 May 5, 1997 and became the 17th stock Exchange in Africa.
East Africa Development Bank (EADB) was the first company to list with a five year Shs10 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 demutualization of the Exchange, Mbire noted that it will allow for greater investor participation in the governance of the Exchange.
“Demutualization 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 Geoffrey Odundo noted that the there is need for a lot of collaboration between the government and the Exchanges.
“Governments need to use Exchanges to raise capital. There is opportunity and liquidity to support the IPOs,” noted Odundo
The Deputy Governor, Bank of Uganda Louis Kasekende noted that there’s need for research into obstacles which deter companies from listing so as to formulate realistic policy solutions.
Meanwhile, USE also used the opportunity to re-brand as it changed its logo.