KAMPALA, UGANDA - After successfully listing on the Ghana Stock Exchange, Oil explorer Tullow is set to list on the Uganda Securities Exchange (USE).
According to Mr. Jimmy Kiberu, the Corporate Affairs Manager at Tullow Uganda, the process of registering on the Uganda bourse commenced in the first part of 2010 - 2011.
"It (Floating of shares) is tied to a number of variables and at the moment, we can't put a timeline.
But it has always been a strong aspiration of Tullow oil. We have already approached the USE and Capital Markets Authority', Kiberu said.
He added that the process had only been pegged back by the recent situations (bribery allegations). He however says that the process is on track just as it was successfully launched.
Tullow Oil has started a programme in Ghana where it has partnered with English Premier League club Sunderland to sponsor all secondary school football activities and this will also be the case in Uganda.
As a result, Sunderland's Stadium, originally known as 'Stadium of Light' will be renamed to 'Invest in Africa Stadium'.
Mr. Elly Karuhanga, the Chairman of Uganda Chamber of Mines and Petroleum and President of Tullow also added that Tullow Oil was only waiting for the signing of the Production Sharing Agreement (PSA) before it could complete the process of listing on the USE.
There are currently seven locally listed companies on the Ugandan bourse. Power distributor Umeme and another bank along with Tullow Oil who have expressed interest in listing at the bourse will ultimately boost the turnover at the USE.
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