Telecommunications mogul Charles Mbire has acquired a huge stake in Bank of Baroda through a single purchase of 23,529,400 shares worth over Shs2 billion.
Mbire now adds banking to his long list of investments which include Telecommunications (MTN) which is currently trading on the Uganda Securities Exchange where he boasts of a 4 per cent share value worth over $55 million.
“To a man like Mbire, the acquisition of such a significant stake in Bank of Baroda can only be done after a careful evaluation of the global business trends. With that kind of shares, Mbire is probably the biggest individual shareholder at the Bank of Baroda,” an official at Uganda Securities Exchange who preferred anonymity said.
Mbire’s other investments include Logistics (FF), Revenue Assurance- Invesco, Oil services- (INVESCO), Tech, Real Estate and oil exploration.
Bank of Baroda Uganda is initially wholly owned by Bank of India. It is one of the most robust commercial banks in Uganda.