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Uganda's Second Exchange to Begin Operations After Elections

  • Bourse will issue depository note after regulatory approval
  • First wants to see outcome of elections before moving ahead

Uganda’s second securities market plans to start trading soon after elections in February are out of the way.

ALT Xchange Ltd. will begin by issuing depository receipts on government debt and then consider introducing an exchange-traded fund backed by gold, Chief Executive Officer Joseph Kitamarike said in an interview in Johannesburg on Tuesday. The bourse, owned by Port Louis, Mauritius-based ALTX Africa Group Ltd., expects to receive regulatory approval for the depository notes by the end of this year, he said.