AN OPPORTUNITY TO GROW YOUR WEALTH SHARES Understanding Shares Shares Shareholder
A unit of Owner of the ownership in a shares company Growth In Share Prices From IPO Share Prices
Value per share as at Compound Annual Growth Return on Investment IPO Share Price (Ushs) 11th January 2016 Rate (CAGR) of the Share over the period (%) (Ushs)1 Price(%)
Uganda Clays (IPO-2000) 4,000 15,000 275.00 8.16
BAT (U) Ltd (IPO-2000) 1,000 25,900 2,490.00 22.56
Bank of Baroda (U) Ltd (IPO-2002) 600 3,487 481.17 13.39
DFCU Group (IPO-2004) 230 2,375 932.61 21.48
New Vision Group (IPO-2004) 200 606 203.00 9.68
Stanbic Bank (U) Ltd (IPO-2006) 70 256 265.71 13.58
National Insurance Corporation (IPO-2009) 45 11 (75.56) -18.23
UMEME (IPO-2012) 245 630 157.14 26.63
1 This is an adjusted share price taking into consideration various corporate actions to ensure that the IPO price and the current price are in the same units CORPORATE ACTIONS Uganda Clays: Share Split Number Of Shares at IPO Value of Shares at No. Of shares after No. of shares after Value of shares as at 11th IPO (Ush) share split in 2006 of second share split of January 2016 10 for every one held 100 shares for every share held
1,000 4,000,000 10,000 1,000,000 15,000,000
Stanbic Bank Uganda: Bonus Shares
Number Of Shares at IPO Value of Shares at No. of shares after No. of shares after Value of shares as at 11th IPO (Ush) bonus issue of 1 second bonus issue of January 2016 share for every share 4 shares for every held in 2011 share held in 2012
1,000 70,000 2,000 10,000 320,000
CORPORATE ACTIONS Bank of Baroda: Share Splits & Bonus Issues Number Of Shares at Value of Shares at IPO No. of shares after No. of shares after No. of shares after Value of shares as at IPO (Ush) share split of 10 bonus issue of 1.5 bonus issue of 1.5 11th January 2016 shares for every 1 shares for every 1 shares for every 1 share held in 2008 share held in in share held in 2012 2011 1,000 600,000 10,000 25,000 62,500 9,687,500
DFCU Bank Bonus Issue
Number Of Shares at IPO Value of Shares at IPO No. of shares after No. of shares after Value of shares as at 11th (Ush) bonus issue of 1 share bonus issue of 1 share January 2016 for every 4 shares held for every share held in in 2005 2014
1,000 230,000 1,250 2,500 2,375,000 BAT Share Price Movement (Ushs) 30,000
25,000
20,000
15,000
10,000
5,000
-
9-Jul-07
3-Jan-13 3-Jan-08
1-Jun-10 1-Jun-12 7-Jun-13
1-Sep-09 7-Sep-12 9-Sep-14
8-Dec-15
20-Jul-12 26-Jul-13 21-Jul-14 15-Jul-15
5-Apr-01 7-Apr-14 1-Apr-15
31-Jan-06 16-Jan-07
3-Aug-11
7-Nov-12 6-Nov-13
5-May-05
22-Jun-06 24-Jun-08 11-Jun-09 15-Jun-11
IPO Price
29-Oct-14 20-Oct-15
18-Feb-10 21-Feb-11 20-Feb-12 22-Feb-13 17-Feb-14 11-Feb-15
13-Sep-05 18-Sep-06 27-Sep-07 18-Sep-08 22-Sep-11 16-Sep-13
18-Dec-14 18-Dec-08 30-Dec-11 27-Dec-13
23-Apr-02 16-Apr-07 19-Apr-11 12-Apr-12 17-Apr-13
27-Mar-08 17-Mar-09
26-Aug-04 24-Aug-10 28-Aug-15
15-Nov-10 23-Nov-09 10-Nov-11
29-May-14 25-May-15 Bank of Baroda Share Price Movement (Ushs)
13,000 12,500 12,000 11,500 11,000 10,500 10,000 9,500 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500
-
4-Jul-11
8-Sep-05
8-Dec-15
20-Jul-06 29-Jul-10
3-Mar-09
17-Jan-08
5-Aug-08
2-Nov-06 2-Nov-10
2-May-11
24-Jun-14 25-Jun-07 11-Jun-09 21-Jun-12 28-Jun-13 19-Jun-15
IPO Price
27-Oct-11 22-Oct-12 25-Oct-13 20-Oct-14 12-Oct-15
16-Feb-06 22-Feb-11 22-Feb-12 27-Feb-13 21-Feb-14 18-Feb-15
27-Sep-07 15-Sep-09
21-Dec-09 23-Dec-11 28-Dec-12 23-Dec-13 17-Dec-14
24-Apr-12 22-Apr-04 12-Apr-05 24-Apr-08 22-Apr-10 30-Apr-13 23-Apr-14 20-Apr-15
15-Mar-07
31-Aug-11 17-Aug-12 27-Aug-13 21-Aug-14 16-Aug-15 18-Nov-08 DFCU Share Price Movement (Ushs) 3,000 2,500
2,000
1,500
1,000
500
-
8-Jul-08 6-Jul-12 5-Jul-13
4-Jan-11
5-Jun-07
2-Feb-06
6-Sep-07 2-Sep-13
10-Jul-06 27-Jul-11
5-Apr-05
29-Jan-09 13-Jan-12 10-Jan-13
6-Aug-15
7-Nov-12
5-May-09 9-May-13
15-Jun-10 23-Jun-14 10-Jun-15
IPO Price
16-Oct-06 16-Oct-08 30-Oct-13 15-Oct-14
18-Feb-10 26-Feb-07 24-Feb-14 11-Feb-15
16-Sep-10 22-Sep-11 29-Sep-15
13-Dec-07 27-Dec-13 11-Dec-14
23-Apr-14 10-Apr-15
31-Mar-08 29-Mar-11 13-Mar-12 11-Mar-13
30-Aug-05 10-Aug-09 31-Aug-12 19-Aug-14
10-Nov-09 17-Nov-11 25-Nov-15
30-May-11 11-May-12 Uganda Clays Share Price Movement (Ushs)
270,000 260,000 250,000 240,000 230,000 220,000 210,000 200,000 190,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000
-
7-Jan-08 2-Jan-12 4-Jan-13
6-Jun-02 7-Jun-10 4-Jun-12
1-Oct-07
2-Feb-06
3-Sep-09
2-Dec-04 9-Dec-15
11-Jul-00 10-Jul-07 23-Jul-12 29-Jul-13 22-Jul-14 16-Jul-15
8-Apr-14 2-Apr-15
18-Jan-07
4-Aug-11
7-Nov-13
15-Jun-09 27-Jun-06 30-Jun-08 16-Jun-11 10-Jun-13
IPO Price
30-Oct-03 30-Oct-14 21-Oct-15
28-Feb-03 22-Feb-10 22-Feb-11 21-Feb-12 25-Feb-13 18-Feb-14 12-Feb-15
15-Sep-05 19-Sep-06 22-Sep-08 23-Sep-11 10-Sep-12 17-Sep-13 10-Sep-14
30-Dec-13 22-Dec-08 19-Dec-14
19-Apr-01 17-Apr-07 20-Apr-11 13-Apr-12 18-Apr-13
31-Mar-08 19-Mar-09
26-Aug-10 31-Aug-15
24-Nov-09 18-Nov-10 11-Nov-11 12-Nov-12
10-May-05 30-May-14 26-May-15 New Vision Share Price Movement (Ushs)
2,800 2,600 2,400
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-
2-Jul-15
7-Jan-15
4-Jun-12
7-Feb-12 4-Feb-13
7-Dec-06 9-Dec-11 4-Dec-12
12-Jul-07 22-Jul-10 30-Jul-12 29-Jul-13 15-Jul-14
4-Apr-12 5-Apr-07 4-Apr-13
5-Mar-15 9-Mar-09
31-Jan-08 21-Jan-14
6-Nov-14
8-May-08 5-May-15
15-Jun-09 23-Jun-11
IPO Price
25-Oct-05 16-Oct-07 25-Oct-10 14-Oct-11 21-Oct-15
10-Feb-11
15-Sep-09 24-Sep-12 24-Sep-13 10-Sep-14
17-Dec-09 16-Dec-15
11-Apr-06 15-Apr-10 20-Apr-11
18-Mar-14
15-Aug-06 14-Aug-08 18-Aug-11 24-Aug-15
25-Nov-08 21-Nov-13
31-May-05 31-May-13 16-May-14 Stanbic Bank Share Price Movement (Ushs) 450
400
350
300
250
200
150
100
50
-
5-Oct-12 5-Oct-15
3-Feb-09 7-Feb-13
23-Jul-07 28-Jul-08 30-Jul-09 19-Jul-13
4-Apr-13
7-Mar-12 6-Mar-15
28-Jan-08 25-Jan-10 13-Jan-12 13-Jan-15
9-Aug-11 4-Aug-14
4-Nov-10 5-Nov-13
4-May-09 3-May-12
17-Jun-11 25-Jun-12 11-Jun-14 25-Jun-15
IPO Price
18-Oct-07 28-Oct-08 26-Oct-09
15-Feb-11 20-Feb-14
30-Sep-11 11-Sep-13 24-Sep-14
12-Dec-12 30-Dec-13
24-Apr-07 24-Apr-08 19-Apr-11 14-Apr-14 30-Apr-15
10-Aug-10 15-Aug-12 16-Aug-15
22-Nov-11 17-Nov-14 26-Nov-15
13-May-10 28-May-13 National Insurance Corporation Share Price Movement (Ushs) 80
60
40
20
-
9-Jul-12
2-Jan-12 6-Jan-14
1-Jun-12 5-Jun-14
7-Oct-15
8-Feb-12
14-Jul-14 30-Jul-15
7-Apr-15
5-Mar-13
25-Jan-13 20-Jan-15
5-Aug-11 5-Aug-13
5-Nov-12 3-Nov-14
14-Jun-10 30-Jun-11 28-Jun-13 23-Jun-15
IPO Price
12-Oct-10 19-Oct-11 21-Oct-13
28-Feb-11 11-Feb-14 26-Feb-15
13-Sep-11 19-Sep-12 11-Sep-13 25-Sep-14
28-Dec-10 17-Dec-12 10-Dec-14 21-Dec-15
11-Apr-11 25-Apr-12 15-Apr-13 28-Apr-14
16-Mar-12 19-Mar-14
12-Aug-10 14-Aug-12 20-Aug-14 31-Aug-15
26-Nov-13 24-Nov-11 13-Nov-15
14-May-15 20-May-11 22-May-13 Trends in the UMEME Share Price Movement (Ushs) 800
700
600
500
400
300
200
100
-
2-Jul-13
6-Jan-14
4-Jun-15
1-Oct-13
6-Feb-15
9-Sep-13
1-Dec-15
24-Jul-13 10-Jul-14 22-Jul-15
4-Apr-14
5-Mar-13 2-Mar-15
17-Jan-13 28-Jan-14 14-Jan-15
4-Aug-14
3-Nov-14 9-Nov-15
10-Jun-13 18-Jun-14 29-Jun-15
IPO Price
25-Oct-13 10-Oct-14 16-Oct-15
11-Feb-13 19-Feb-14
17-Sep-14 22-Sep-15
21-Dec-12 10-Dec-13 18-Dec-14 23-Dec-15
23-Apr-13 30-Apr-14 17-Apr-15
28-Mar-13 13-Mar-14 24-Mar-15
16-Aug-13 26-Aug-14 13-Aug-15 31-Aug-15
18-Nov-13 25-Nov-14
16-May-13 23-May-14 12-May-15 INVESTING IN SHARES: SELECT COUNTERS FROM THE NAIROBI SECURITIES EXCHANGE (NSE) GROWTH IN SHARE PRICES FROM IPO FOR SELECTED COUNTERS AT THE NSE
Share Price as at 11th January Return on Investment over the Compound Annual Growth Rate IPO Share Price (U$ $) 2016 (U$ )3 period (%) (CAGR) of the Share Price(%)
Kenya Commercial Bank (IPO-1988) 1.13 31.70 2705.18 12.65
HFCK Bank (IPO 1992) 0.22 1.67 661.18 8.81
Uchumi Holdings (IPO-1993) 0.25 0.83 233.67 5.36
NIC Bank (IPO-1994) 0.94 6.07 545.50 8.85
Kenya Airways (IPO-1996) 0.2 0.15 -25.64 -1.43
ARM Mining (IPO 1997) 0.21 2.53 1107.13 14.00
TPS Serena (IPO-1997) 0.22 1.20 446.47 9.34
Equity Bank Limited (Introduction-2006) 0.97 14.94 1440.48 31.45
Kengen (IPO 2006) 0.17 0.07 -58.95 -8.49
Scangroup (IPO 2006) 0.15 0.64 326.06 15.61
Kenya Re-insurance (IPO-2007) 0.14 0.24 72.61 6.17
Co-operative Bank (IPO 2008) 0.14 0.25 76.07 7.52
Safaricom (IPO 2008) 0.07 0.19 174.10 13.29
British American Investment Company (IPO 2011) 0.10 0.26 162.55 21.06
3 This is an adjusted share price taking into consideration various corporate actions to ensure that the IPO price and the current price are in the same units How Do I Make Money In Shares?
One can make money in shares in two ways: Dividend income, Appreciation in price (Capital Gains)
The amount of income one earns from an investment in shares depends on: How much profit the company makes The dividends declared How many shares one owns Why Invest In Shares? An Asset Comparison REAL ESTATE Products: Land, Real Estate Development for sale or Rental
Advantages: Higher returns on principal capital/investment over the long-term, in most cases beats/outperforms inflation
Disadvantages: Higher risks over the short-term, Illiquid, supervision required, very limited or no transparency, high probability of investment fraud
Why Invest In Shares? An Asset Comparison FIXED INCOME Products: Fixed Deposits, Treasury Bills, Treasury Bonds ,Corporate Bonds and Money Lending
Advantages: Low to moderate returns on principal capital/investment , very low probability of loosing the Principal Capital/investment, regular fixed income payments, liquid with the exception of money lending, no supervision is required, transparent, low probability of investment fraud
Disadvantages: Probability of default for private borrowers but unlikely for Treasury instruments & fixed deposits, rarely beats/outperforms inflation Why Invest In Shares? An Asset Comparison SHARES Products: Companies listed on the Uganda Securities Exchange & Nairobi Securities Exchange
Advantages: Higher returns on principal capital/investment over the long-term, in most cases beats/outperforms inflation, no supervision required, transparent, liquid, low probability of investment fraud
Disadvantages: Higher risks over the short-term, rank last in priority in case of liquidation When can I Invest in Shares? You can invest in shares through the:
Primary Market (Initial Public Offer): This when a company sells its shares to the Public for the first time. The IPO is for a limited time usually 30 days (one month).
Secondary Market: This is when you buy or sell shares already listed on the Uganda Securities Exchange
HOW Can I Invest In Shares? To invest in shares one is first required to have a Securities Central Depository (SCD) account which is an electronic entry of one’s shares. SCD accounts are opened with broker/dealers licensed by CMA
Before you buy or sell shares make sure you complete a Purchase/Sale Order Form with your Broker/Dealer
How Much It Will Cost Me To Buy Or Sell Shares?
Share prices are published by the Uganda Share Price (Ushs) Minimum Investment for a Brokerage Commision Securities Exchange (USE) Counter as at 11th January purchase of 100 shares of 2.0% and 0.1% SCD Total Cost (Ush) on its website and some 2016 (Ushs) Levy times in the Daily New Vision and Daily Monitor newspapers. BAT 25,900 2,590,000 54,390 2,644,390
BOBU 155 15,500 326 15,826 You can also follow the share prices at the end of DFCU 950 95,000 1,995 96,995 the 9pm News Bulletin on NTV Uganda and WBS Television NIC 11 1,100 23 1,123
NVL 606 60,600 1,273 61,873 You can only buy or sell not less than 100 shares SBU 32 3,200 67 3,267
UCL 15 1,500 32 1,532
UMEME 630 63,000 1,323 64,323 COLLECTIVE INVESTMENT SCHEMES Collective Investment Schemes If you do not have sufficient funds to invest in shares through your broker/dealer, you can invest with other investors through a collective investment scheme managed by a Unit Trust Manager licensed by CMA.
There are currently three (3) licensed Unit Trust Managers. The minimum investment threshold varies from manager to manager.
The lowest minimum investment threshold among the three managers is Ushs 100,000 Collective Investment Schemes
Returns on Investment in UAP CISs as at 12th January 2016 Fund Effective Annual Rate of Return (%) UAP Money Market Fund 13.84 UAP Balanced Fund⁕ 6 UAP Umbrella Fund 16.49
⁕Annualized Rate of Return from January 2016 GOVERNMENT SECURITIES: TREASURY BILLS Treasury Bill Defined A Treasury Bill is a short term loan extended to the Government. The Government borrows money from the public for short periods of time to meet its short term obligations or regulate the supply of money in circulation.
Treasury Bills are structured in three maturities- 91 day, 182-day and 364 day.
Treasury Bills are usually issued and backed by the full faith and credit of the Government of Uganda. Treasury Bill Defined
The Government Receives money
Investors Bid for Treasury Bills
The Government Offers Treasury Bills TREASURY BILLS
Investors Receive Treasury Bills in their SCD A/ccs INVESTORS Advantages of Investing in Treasury Bills They offer a competitive rate of return (currently giving an annualized return of 23.90% on the 364 day treasury bill as at 22nd December 2015); They are risk free instruments as they are backed by the full faith and credit of the Government of Uganda; They provide an avenue for saving; They are highly liquid and can be sold with ease in the secondary market; They can be pledged as collateral for borrowing; How Treasury Bills Work: Issue at a Discount Treasury Bills are issued by the Government through the Bank of Uganda (fiscal agent). This is usually through competitive bidding.
Treasury Bills pay no interest rate but are sold at a discount with the yield being the difference between the purchase price and the par value (redemption price). The yield on Treasury Bills usually provides a benchmark for other securities such as corporate bonds and bank loans.
How Treasury Bills Work: Issue at a Discount For example The Government issues a 364 day treasury bill priced at Ush 80,709 on issuance to pay Ush 100,000 after 364 days. No interest payments are made. The investment return comes from the difference between the discounted value originally paid and the amount received back at maturity, or Ush 19,291 (Ush 100,000 – Ush 80,709). In this case, the T-bill pays a 23.90% interest rate in 364 days.
Redemption Price= Purchase Price= Yield= Ush 19,291 Ush 100,000 - Ush 80,709 = How To Invest in Treasury Bills Treasury bills can be bought from designated primary dealers (commercial banks) in both the primary and secondary markets. There are currently six designated primary dealers; Stanbic Bank, Standard Chartered Bank, Barclays Bank, DFCU Bank, Centenary Rural Development Bank and Bank of Baroda. All investors need to have a Central Securities Depository System Account. Registration is done by filling CSD Form 1, CSD Form 7, CSD Form 9A/B (all available on the Bank of Uganda Website).
How To Invest in Treasury Bills The auction of Treasury Bills is done twice a month with the public being given a 7-day notice of the intention by the Government to auction Treasury Bills through a leading newspaper or the Bank of Uganda Website. Investors can then submit bids through a Primary Dealer. Only investors with a CDS account are eligible to submit bids in auctions. The minimum bid volume is Shs100, 000. All bids must be in multiples of Shs100, 000. Settlement – Bank of Uganda applies a T+1 settlement arrangement. All successful bids are settled by directly debiting the Primary Dealer/commercial bank accounts at the Central Bank for the value of the cost of the securities of the investments. Withholding tax of 20% is charged on all interest earned on Treasury Bills. Trends in the 364-Day Treasury Bill , Inflation & Ush/US $ (January 2000-December 2015, %) 4000.00 35.00
3500.00 30.00
25.00 3000.00 20.00
2500.00 15.00 2000.00 Ush/US$ 10.00 1500.00 5.00 1000.00 0.00
500.00 -5.00
0.00 -10.00
Jul-11
Jul-13
Jul-15
Jul-07
Jul-12
Jul-01 Jul-10
Jul-14
Jul-03
Jul-05
Jul-02
Jul-00 Jul-08
Jul-04
Jul-06 Jul-09
Jan-11
Jan-13
Jan-15
Jan-07
Jan-12
Jan-01 Jan-10
Jan-14
Jan-03
Jan-05
Jan-02
Jan-00
Jan-04 Jan-08
Jan-06 Jan-09
Ush/US $ Inflation 364-Day TB OFF-SHORE PRODUCTS Off-Shore Products There are some licensed investment advisors who market off- shore investment products These products are usually Foreign Mutual Funds One major advantage of off-shore products is the opportunity for diversification they provide However one needs to be mindful of the following when investing in Off-shore products † The products should be regulated products † Preferably the regulator of the home market should be a member of the International Organisation of Securities Commissions (IOSCO) † Foreign Exchange Risk
NUGGETS OF INVESTMENT WISDOM Nuggets of Investment Wisdom ALWAYS endeavor to SEEK out for information about the company you are invested in Monitor the SHARE PRICE of the company you are invested in on the USE WEBSITE or in the NEWSPAPER DAILIES Seek out for RESEARCH REPORTS on the companies listed on the USE or NSE from your Broker Share prices CAN GO UP OR GO DOWN but therein lies the opportunity to make money Nuggets of Investment Wisdom
Monitor newspapers and the Bank of Uganda website for information on Treasury Bill Auctions, results and yields. Treasury Bills can be sold before the maturity/ redemption date in the secondary market which provides the desired liquidity. Treasury Bills are risk free and backed by the full faith and credit of the Government. This makes them appropriate for individuals pre-disposed to select investments with a low degree of risk (risk averse individuals). Aim to invest at least 5% of your total net-worth in the capital markets over the next three years The investment can be gradual with an increment every year until you attain the 5% threshold This is going to be a journey that will require COURAGE and PATIENCE but it’s worth taking for your own sake and for the sake of your children Do not put all your savings in one investment, but build a DIVERSIFIED portfolio of investments.
IMPORTANT CONTACTS CMA & USE/SCD
Capital Markets Authority Contact Person: Mr. Charles Nsamba Plot 14 Parliament Avenue, 8th Floor Jubilee Insurance Centre Tel. 0414-342788/791, 0312-264950/1 Email: [email protected] [email protected] Website: www.cmauganda.co.ug
CMA Uganda Capital Markets Authority- Uganda
#cmauganda Uganda Securities Contact Person: Mr. Paul Bwiso Exchange/Securities Central Nakawa Business Park, Block A, 4th Floor Depository Tel. 0414-343297/342818 Email: [email protected] Website: www.use.or.ug LICENSED BROKER/DEALERS
African Alliance (U) Ltd Contact Person: Mr. Kenneth Kitariko Plot 1, Pilkington Rd, 1st Floor Workers’ House Tel. 0414-235577/0417-777720 Email: [email protected] Crested Capital Ltd Contact Person: Mr. Robert Baldwin Plot 13/15 Kimathi Avenue, 6th Floor Impala House Tel. 0414-230900 Email: [email protected] Crane Financial Services Ltd Contact Person: Mr. Vivek Sharma Plot 38, Kampala Rd, Crane Chambers Tel. 0414-341414/345345 Email: [email protected] Equity Stock Brokers Limited Contact Person: Ms. Gloria Kangabe Plot 6/6A Orient Plaza Tel. 0414-236012/3/4/5 Email: [email protected] Standard Bank Group Securities Contact Person: Mr. Evelyn Kinara Plot 17, Hannington Rd, 4th Floor Crested Towers (Short Tower) Tel. 0414-715460/0312-224600/0312-224985 Email: [email protected] Dyer & Blair Contact Person: Mr. Edward Serunjogi Ground Floor, Rwenzori House Tel. 0414-233050/0312-265469 Email: [email protected] Baroda Capital Markets Ltd Contact Person: Mr. Avinash Kumar Sahani Plot 18 Kampala Rd Tel. 0414-233680/3 Email: [email protected] LICENSED UNIT TRUST MANAGERS
STANLIB Uganda Ltd Contact Person: Ms. Annette Rumanyika Mulira Plot 17, Hannington Rd, 4th Floor Crested Towers (Short Tower) Tel. 0312-224322/600 Email: [email protected] ICEA Investment Contact Person: Mr. Robert Katabaire Services Ltd Rwenzori Courts Tel. 0414-347535/0414-232337 Email: [email protected] UAP Financial Services Contact Person: Mr. Francis Kajura 6th Floor, UAP Nakawa Business Park, (1st Tower), Plot 3-5, New Port Bell Road Tel. 0414-332743/0312-370290/0312-332743 Email: [email protected] , [email protected] LICENSED INVESTMENT ADVISORS WHO MARKET OFF-SHORE PRODUCTS
Profin Group Contact: Ms. Suzanna Namuli (Uganda) Limited Plot 10, School Lane, Naguru, Kampala P O Box 36697, Kampala, Uganda Tel: 0414-533261/2 Fax: 0414-533261 Email: [email protected] DeVere and Partners Contact: Mr. Gavin Cooper Uganda Limited B4, Adam House Plot 11, Portal Avenue P. O. Box 21409 Kampala, Uganda Tel: 0414- 342411/ 340846 Fax: 0414- 342411 Email: [email protected]