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Uganda Approves Secondary Listing by Centum Investment of Kenya

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Dec. 29 (Bloomberg) -- Uganda’s stock exchange approved a secondary listing of shares by Centum Investment Co. of Kenya, said Joseph Kitamirike, chief executive officer of the bourse.

Centum, East Africa’s biggest public traded investment company, is expected to start trading on the Ugandan Securities Exchange by February, Kitamirike said in an interview today in the capital, Kampala. The listing will boost investment options in Uganda and raise the capitalization of the bourse, he said.

The Ugandan bourse, which began operations in 1998, has 13 listed companies, six of which are secondary listings by Kenyan companies. The exchange’s market capitalization is currently 12.8 trillion shillings ($5.5 billion), according to its website.

The exchange expects “four or five major listings” next year, Kitamirike said. He declined to name the companies.

Uganda’s All Share Index has advanced 62 percent so far in 2010 to 1,190.77 and is Africa’s best-performing market this year, according to Bloomberg data.

“The improvement is big because we are going through a period of recovery” after the global financial crisis, Kitamirike said. “We are going to do our best next year because we shall increase in the number of listings.”

To contact the reporter on this story: Fred Ojambo in Kampala via Johannesburg at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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