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USE Annual Report 2019.Pdf 1 ANNUAL REPORT 2019 2 RAISE CAPITAL WITH CORPORATE BONDS. Bonds are loans with much lower interest rates. FOR MORE (0312) 370815/370817 Table of CONTENT 08 Corporate Information 09 About this Report 10 Who we Are 11 Mission, Vision and Core Values 12 Our Issuers 14 Milestones 16 Chairman’s Statement 20 Chief Executive Officer Statement 3 23 Board of Directors RAISE 26 Management Committee 27 2019 Highlights CAPITAL WITH 29 Business Review 34 Information Systems CORPORATE BONDS. 35 Corporate Governance 43 Risk Management Bonds are loans with much lower interest rates. Audited Financial Statements 102 Notice of Annual General Meeting 103 Proxy Form FOR MORE (0312) 370815/370817 Annual Report 2019 List of TABLES 29 Table 1: Equities Trading by Quarter (2019) 30 Table 2: Equities Trading Turnover by listed Issuer (2019) 31 Table 3: Account Opening Table 4: Broker Rankings in terms of transactions 32 executed in the Depository. 33 Table 5: Immobilization Status 4 List of FIGURES 29 Figure 1: Monthly Turnover Trend (2018 - 2019) 30 Figure 2: 2019 USE Market Indices 31 Figure 3: Distribution of SCD Accounts 2019 32 Figure 4: Distribution of SCD Registrars 33 Figure 5: Shares Deposited in SCD www.use.or.ug 5 ACRONYMS Plot 18 Kampala Road Orient Plaza, Plot 6/6A, Kampala Road P. O. Box 7197, Kampala, Uganda P.O.Box 7539, Kampala, Uganda ARC Audit and Risk Committee Tel: 0414- 237898 Fax: 0414 258 263 TEL: 0417-719144/0417-719133 Email: [email protected] EMAIL: [email protected] ATS Automated Trading System Central Depository & Settlement CDSC Corporation CEO Chief Executive Officer CMA Capital Markets Authority EAC East African Community Crested Capital First Floor, Impala House 4th Floor, Crested Towers (Short) EABL East African Breweries Ltd Plot 13/15 Kimathi Avenue 17 Hannington Road P.O.Box 31736, Kampala, Uganda P.O BOX 7131, Kampala, Uganda EADB East African Development Bank TEL: 0312-230900/0758-230900 Tel: 0312 224 972 or 0312 224 965 Email: [email protected] EBL Equity Group Holdings Ltd FAX: 0414-230900 6 EMAIL: [email protected] ETFs Exchange Traded Funds IPO Initial Public Offer IS Information Systems IT Information Technology KCB Kenya Commercial Bank Group 2nd Floor UAP Nakawa Business Park Block A Second Floor Memorandum and Articles of Plot 3-5 New Port Bell Road MEMARTS Association Ground Floor, Rwenzori House Plot 1 Lumumba Avenue P. O. BOX 20079 Kampala-Uganda P. O. Box 36620, Kampala, Uganda NED Non-Executive Directors TEL: 0414332824. FAX: 0414-346449 Tel: 0414 233 050 or 0312 265 469 EMAIL: [email protected] Email: [email protected] SCD Securities Central Depository BECOME Society for Worldwide Interbank SWIFT Financial Telecommunications For more information, Contact UN United Nations AN Uganda Securities Exchange Plot 3-5 New Port Bell Road USE Uganda Securities Exchange UAP Nakawa Business Park, Block A, 4th Floor INVESTOR Tel: 0312- 370 815/370817/ 370818 UTL Uganda Telecom Limited Email: [email protected]|www.use.or.ug Plot 18 Kampala Road Orient Plaza, Plot 6/6A, Kampala Road P. O. Box 7197, Kampala, Uganda P.O.Box 7539, Kampala, Uganda Tel: 0414- 237898 Fax: 0414 258 263 TEL: 0417-719144/0417-719133 Email: [email protected] EMAIL: [email protected] Crested Capital First Floor, Impala House 4th Floor, Crested Towers (Short) Plot 13/15 Kimathi Avenue 17 Hannington Road P.O.Box 31736, Kampala, Uganda P.O BOX 7131, Kampala, Uganda TEL: 0312-230900/0758-230900 Tel: 0312 224 972 or 0312 224 965 FAX: 0414-230900 Email: [email protected] EMAIL: [email protected] 7 2nd Floor UAP Nakawa Business Park Block A Second Floor Ground Floor, Rwenzori House Plot 3-5 New Port Bell Road Plot 1 Lumumba Avenue P. O. BOX 20079 Kampala-Uganda P. O. Box 36620, Kampala, Uganda TEL: 0414332824. FAX: 0414-346449 Tel: 0414 233 050 or 0312 265 469 EMAIL: [email protected] BECOME Email: [email protected] For more information, Contact AN Uganda Securities Exchange Plot 3-5 New Port Bell Road UAP Nakawa Business Park, Block A, 4th Floor INVESTOR Tel: 0312- 370 815/370817/ 370818 Email: [email protected]|www.use.or.ug Corporate Information Corporate INFORMATION COMPANY SECRETARY Ms. Prossy Nambatya (Out- going) C/o Uganda Securities Exchange Ltd 4th Floor ,Block A Nakawa Business Park Plot 3-5 PortBell Road Nakawa, Kampala Ms. Alison Kwikiriza Serucaca ( Effective April 2019) C/o Uganda Securities Exchange Ltd 4th Floor ,Block A Nakawa Business Park Plot 3-5 PortBell Road Nakawa, Kampala REGISTERED ADDRESS OF COMPANY Uganda Securities Exchange Limited 4th Floor , Block A Nakawa Business Park Plot 3-5 PortBell Road Nakawa, Kampala AUDITORS 8 KPMG Uganda Certified Public Accountants (Uganda) 3rd Floor Rwenzori Courts Building P. O. Box 3509, Kampala LAWYERS Engoru Mutebi Advoctes Ground Floor Rwenzori House Plot 1 Lumumba Avenue P. O. Box 22510, Kampala Sebalu & Lule Advocates and Legal Consultants S&L Chambers, Plot 14, MacKinnon Road, Kampala P. O. Box 2255 Kampala BANKERS CitiBank Uganda Ltd Plot 4 Ternan Avenue P. O. Box 7505, Kampala TAX CONSULTANTS Deloitte Uganda Ltd 3rd Floor Rwenzori House Plot 1 Lumumba Avenue P. O. Box 10314 Kampala This is the Uganda Securities Exchange Limited Annual Report covering2019 the 12 months period from 1st January 2019 to 31st December 2019. The report provides a comprehensive view of the operations and About this financial status of the Exchange during this period. This is aimed at providing information to the company’s stakeholders on the REPORT value created by the USE. 9 Annual Report 2019 Who we are 10 The Uganda Securities Exchange (USE) was licensed to operate as an approved Stock Exchange in June 1997 by the Capital Markets Authority (CMA) of Uganda under the Capital Markets (licensing) Regulations 1996. USE began formal trading operations in January 1998 and is governed by the Uganda Securities Exchange Limited Rules 2003 (as Amended). It is registered as a public limited liability company and approved by the CMA Who we to run as a demutualised Exchange under the laws of Uganda. We provide a well-organized, transparent, and regulated platform to bring together seekers of capital (companies looking to raise finances) and ARE providers of capital (investors). We continue to leverage technology to support innovation and ease access to the market for both issuers and investors. www.use.or.ug We boast of a diverse clientele that is comprised of retail and institutional investors, issuers, government and data clients. SCD Registrars is established as a wholly owned subsidiary of the Uganda Securities Exchange. The subsidiary’s core mandate is to provide centralized depository, clearing and settlement services for the Ugandan Equity and Debt markets. It also offers share registry services. www.use.or.ug OUR MISSIONMISSION, VISION & VALUES We are committed to empower our customers through service excellence and innovation in order to promote safe, convenient and sustainable investments. OUR VISION To be Uganda’s preferred institution for investments and MISSION VISION sourcing of capital. VALUES OUR CORE VALUES 11 • Customer Focus • Efficiency • Innovation • Integrity • Teamwork Efficiency Teamwork Integrity Customer Focus Innovation Annual Report 2019 Our Issuers Our ISSUERS Vision Group NATIONAL PRIDE GLOBAL EXCELLENCE 12 www.use.or.ug 13 Creating Annual Report 2019 Milestones 2000 2002 2004 2010 2013 2017 January November December March February October USE First Equity Bank of Baroda Equity Equity Listing Corporate Bond Demutualization Listing (Uganda Uganda Equity Listing (New Vision (National Insurance Listing (African of the 1997 Clays Ltd) 2001 Listing 2004 Ltd) 2006 2008 Corporation) 2011 Development 2015 Exchange 2018 Bank) June March January February November February July September Licensed by the Capital First Equity Cross Listing of first Equity Cross Listing Equity Cross Listing Equity Cross Listing Automation of trading Cipla Markets Authority Listing (East African Government (Jubilee Holdings (Kenya Commercial (Centum through ATS and QCiL Initial Public Uganda (CMA) Breweries Ltd) Bond Ltd) Bank) Investments) CSD Systems Offering 14 1998 2002 2004 2007 2009 2012 2017 January March October January June October March Equity Listing Equity Cross Equity Launch of USE’s first listing Equity Cross Listing Equity Listing (Stanbic Bank Listing (Equity Listing the USE Easy (EADB Bond) 2000 (Kenya Airways) 2003 (DFCU Ltd) 2005 Uganda) Bank Ltd) 2010 (UMEME Ltd) 2013 Portal 2018 June September December October November April Listing of Listing of first tranche Bond Listing (East Equity Cross Listing Equity Cross Listing Rebranding of the BAT Uganda of UTL Medium Africa Development (Nation Media (Uchumi Uganda Securities shares Term Note Bank) Group) Supermarkets) Exchange www.use.or.ug 2000 2002 2004 2010 2013 2017 January November December March February October USE First Equity Bank of Baroda Equity Equity Listing Corporate Bond Demutualization Listing (Uganda Uganda Equity Listing (New Vision (National Insurance Listing (African of the 1997 Clays Ltd) 2001 Listing 2004 Ltd) 2006 2008 Corporation) 2011 Development 2015 Exchange 2018 Bank) June March January February November February July September Licensed by the Capital First Equity Cross Listing of first Equity Cross Listing Equity Cross Listing Equity Cross Listing Automation of trading Cipla Markets Authority Listing (East African Government (Jubilee Holdings (Kenya Commercial (Centum through ATS and QCiL Initial Public Uganda (CMA) Breweries
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