HiPipo Money

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Actis, the pan-emerging markets private equity firm,today announced the successful conclusion of a two-part transaction that has seen the firm, through its subsidiary, Umeme Holdings Ltd (“UHL”),sella total 45.7% of Ugandan electricity distribution company, Umeme Ltd(“Umeme”) for $98m.

The sale of shares totalling 6.7% of the company and worth US$13mto Ugandan retail investors and Umeme management and directors was the final step in the transaction, which was led by Stanbic as Lead Transaction Advisor and Stanbic and Rencap as Joint Bookrunners.

The retail and management tranche follows the $85m institutional tranche, which was heavily oversubscribed by more than 20 institutional investors in May 2014. The institutional tranche represented 39% of the company. Following this latest tranche,Actis remains the second largest shareholder in Umeme, with a 14.3% residual shareholding.

On the retail tranche, strong demand from local investors prompted UHL to release additional shares.  Local investors were given the opportunity to purchase shares at the same price offered to institutional investors Ushs 340 and in addition benefited from one free share for every ten purchased. The sale was structured to ensure smaller investors were given their full allocation.

Umeme’s directors and managersinvested US$6min the share purchase and have increased their shareholding in the Company to approximately 5% from the previous 2%.In the institutional offer, Investec Asset Management increased its shareholding to 18% to become the largest shareholder, while the Ugandan National Social Security Fund became the third largest shareholder after increasing its shareholding from 8% to 14%. The overall transaction has been the largest offering of secondary stock to date on the Uganda Securities Exchange.

David Grylls, Partner at Actis, commented: “We have been delighted by the strong take-up of Umeme shares, first by heavyweight institutional investors, and now by retail investors and Umeme management and directors. Not only is this indicative of a healthy appetite for solid Ugandan companies, but also a commitment to Uganda’s powerful macroeconomic story, and can only be good for Uganda’s capital markets.”

Patrick Mweheire, Lead Transaction Advisor at Stanbic Bank, added:The Accelerated Bookbuild for Actis’ sale of a stake in Umeme was highly successful and the first of its kind. It signalled significant appetite from both institutional African investors and international investors who are keen to tap into the opportunity in these increasingly sophisticated and liquid markets, this was evident in the strong demand seen across all investor classes (including retail and management) for the transaction.

Since Actis invested in Umeme in 2005, the company has invested over US$ 224m in modernising its distribution system. By the end of 2013, Umeme had increased its customer base from 250,000 to about 584,000 customers, connecting over50,000 power-hungry customers to its network per year.  Umeme now directly employs over 1,300 staff.

About Actis

Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$6.5 billion funds under management. Combining the expertise of over 100 investment professionals on the ground in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society. www.act.is

About Umeme 

Umeme is the largest electricity distribution company in Uganda. As an electricity distributor, Umeme is mandated to:

• –           Operate, maintain, upgrade and expand the distribution network
• –           Retail electricity to its customer
• –           Improve efficiency within the electricity distribution system

Umeme continued to return strong results for the year ended 31 December 2013. Earnings before Interest Taxation Depreciation & Amortization (EBITDA) grew by 27% to UGX149bn in 2013 from UGX117bn in 2012.  Profit after tax grew from UGX 57 billion in 2012 to UGX 84bn in 2013. www.umeme.co.ug

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The 2014 edition of the DStv Eutelsat Star Awards is now open. We are calling all learners between the ages of 14 – 19 to write an essay or design a poster on the topic “Imagine you are a satellite, orbiting high above your own country or even above your own home or school” answering the following questions;

• What would you see?
• What would you like to tell the people below about what you see from up there?
• What would you like people to know?
• What would you like them to think about?
• If you could send them a message or an image, what would you like to say or show?

The DStv Eutelsat Star Awards is part of the ongoing partnership between MultiChoice Africa and Eutelsat since 1999. This pan-Africa collaboration has over the years created meaningful engagement with students, the academic community and the scientific world. The competition is geared towards students and encourages them to either write an essay or design a poster about the benefits of satellite technology on the continent. Since its inception, the competition has drawn over a 3000 entries across the continent and has invigorated a passion for science amongst the younger generation.

The Awards are open to all students from secondary (high) or combined schools in Africa where MultiChoice Africa maintains operations.  Entry forms can be obtained from any MultiChoice Resource Centres, the nearest MultiChoice office or copies can be downloaded from www.dstvstarawards.com. Entries may be prepared in English, French and Portuguese. The awards collateral will also be made available in 3 languages (English, French and Portuguese).  Competition closes on 27 October 2014 and only entries submitted on the prescribed entry form will be eligible.

The DStv Eutelsat Star Awards comprises national and international adjudication. The first assessment of entries is at country level with a panel of local judges selecting country winners and runners-up who go through a round of preliminary judging which culminates in the selection of the final winners. A regional panel selects the top four entries. Last year the panel was chaired by the inspirational European Space Agency Astronaut, Paolo Nespoli, assisted by a panel of industry experts who commended the standard of the competition.

Country winners receive exciting country prizes and go on to compete against each other for the overall continental awards.  The overall essay and poster winners are eligible for a once in a lifetime trip for two to the Eutelsat facilities in Paris, with the essay winner traveling onwards to witness a live rocket launch.  Runners up will win a trip to South Africa as guests of MultiChoice Africa.  Schools attended by the overall winners will also receive a DStv installation, including dish, television, state-of-the-art PVR decoder and free access to the DStv Education Bouquet.

The winners will be announced at a glittering awards ceremony in Zambia during February 2015.  

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Chinese government owned Exim Bank, the main financiers of the ongoing 600 MW Karuma Dam project has finally signed the much awaited advance payment guarantee for the funding of the project.

According to a document titled ‘Advance payment Guarantee No. BKD2014LG00120’ issued on 10^th June 2014, and addressed to Ministry of Energy and Mineral Development and signed by Zhang Dajin on behalf of Exim Bank Head office, the bank agrees to cover Sinohydro Corporation, Karuma Dam contractors with a guarantee.

SinohydroCorporation has already committed its own funds for the ongoing construction works at the project site ahead of the release of funding by the government of Uganda.

Last month the Chairman and President of Exim Bank of China Mr. Li Ruogu was in Uganda to meet President to confirm and present details of the project funding.

Sources within Ministry of Energy and Mineral Development have confirmed that a delegation of government officials from the two Ministries of Energy and Financeled by Ministers Maria Kiwanuka and Irene Muloni and including their Permanent Secretaries, Keith Muhakanizi and Kabagambe Kalisa respectively are in China to discuss the release of the balance of the 85% expected to be concluded by the end of this month.

Total cost of constructionof Karuma dam and power plant is estimated to cost approximately US$ 1.7 billion. That figure includes the cost needed to build a transmission line from Karuma to a location where the power will be integrated into the national power grid.

Last year, Finance Minister Maria Kiwanuka said 85% of the funding will come from the Exim Bank of China while Uganda government will provide 15% of the funding adding that the concession loan from China will be repaid in the next five years.

The project currently being undertaken  by Sino Hydro Corp Ltd from China is expected to provide much needed relief to fast growing economy whose energy needs are outstripping production.

Sinohydro Corporation Chief Representative Mr. Deng Xiaoguan said in a recent report that construction of the dam is in full force and the release of the necessary funding will go a long way to enhance progress.

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MultiChoice Africa will join the rest of the world in celebrating Africa Day which takes place on 25 May to mark African success and diversity, and to highlight the cultural and economic potential of the continent.

MultiChoice Africa has over the years used this day to promote Africa’s notably rich history, growth and entertainment culture through its focus on homegrown channels which are available on DStv. Multiple Africa-rich and locally produced channels like Africa Magic, Channel O and SuperSport, have over the years unearthed African talents through a variety of exciting programming including Big Brother, Stargist, 53 Extra and Soccer Africa to name a few, whilst Channel O continues to promote African music and musicians. There are other channels such as e- Africa, History, BBC Knowledge, Discovery World, Vox Africa and MTV Base that have incorporated Africa-focused content in their shows.

Speaking at the Africa Day celebrations Ms. Tina Wamala, MultiChoice’s Public Relations and Communications Manager said “This day is not just about celebrating the continent’s growth and unity, it is more about celebrating who we are as Africans. As a company that was conceived born and bred in this continent, we at MultiChoice Africa believe that the dream of African pride and unity will only be achieved when we become proud of the common values we share based on our culture and heritage. It is with this vision in mind that we make a conscious effort to invest in African based talent and increase the amount of African viewer content that we carry on our various channels and bouquets.”

Not only has MultiChoice Africa recognised and celebrated the amazing talent that exists in the continent, it has also awarded  it through the Africa Magic Viewers’ Choice Awards, and the CNN MultiChoice Journalists Awards which seek to recognise the sterling work of our African journalists. And the company has some exciting ventures in the pipeline that will further emphasise the company’s commitment to broadening its strategy of Africanisation.

 Africa is a strong emerging market and MultiChoice Africa strives to continuously be innovative in its offering. African viewers are able to view programming in HD and are able to navigate many other features while watching their favourite programmes. Products such as the Walka, Drifta and PVR are key examples of how the evolution of technology has provided different viewing options to subscribers.

The recent unveiling and introduction of the amazingly proficient Explora has also been a highlight for the pay-tv company, a symbol that we are always staying a step ahead and are leaders in technological developments.

In June subscribers will be transported to Brazil via SuperSport’s broadcast of all the live World Cup games on DStv, from the spectacle’s opening ceremony until the closing ceremony. Tune in to get all the latest on the World Cup, on the field and studio commentary from soccer greats and expert analysts on the sport. 

To celebrate the success, achievement and growth of our beautiful continent, don’t miss the great selection of African content that is available DStv!

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Are you ready for the drama, loads of laughter and tears? Big Brother Africa will never disappoint! Get ready to be dazzled when Africa’s biggest reality series hits the screens on 7 September 2014!

It’s Big Brother Time and since the first season, the reality series has attracted some funny, dramatic, weird and wonderful characters that have kept viewers glued to the screens 24/7. Some housemates who have been part of this huge show have had their talents realized and have gone on to grace TV screens; newspapers and have their profiles trending on every social media site, blog and website.

Season 9 is no different; in fact, housemates and viewers alike will be pleasantly surprised at how Biggie intends to rise to this one. And in true Big Brother fashion, fans of the show and potential housemates will have to wait and see how he will turn dreams of some deserving and eager youngsters into reality and transform them into household names.

Entry is open to the same 14 countries with the only exception being Angola which will be replaced by newcomers Rwanda. As a result of the change, participating countries this year are: Botswana, Ethiopia, Ghana, Kenya, Malawi, Namibia, Nigeria, Sierra Leone, Rwanda, South Africa, Tanzania, Uganda, Zambia and Zimbabwe.

Entries are only open to persons over the age of 21, who are citizens of one of the participating countries and must have a valid passport. Producers are looking for persons who are entertaining and passionate about the Big Brother experience; and they have to be fluent in English.

Audition dates will be finalised in June and more information on BIG BROTHER AFRICA 9 will be made available over the next month, so stay tuned to DStv, follow the action on Twitter and Facebook and keep checking the website; www.africamagic.tv/bigbrother .

Below is the full list

No.1 Hon. Janet Museveni (Uganda) 7.90 Points out of 10

No.2 Mrs. Chantal Biya (Cameroon) 7.30
No.3 Mrs. Chantal Compaoré (Bukina Faso) 6.90
No.4 Mrs. Ana Paula dos Santos (Angola) 6.70
No.5 Mrs. Chantal Boni (Benin) 6.33
No.6 Dr. Christine Kaseba Sata (Zambia) 6.00
No.7 Mrs. Salma Kikwete (Tanzania) 5.90
No.8 Mrs. Jeannette Kagame (Rwanda) 5.70
No.9 Mrs. Grace Mugabe (Zimbabwe) 5.20
No.10 Mrs. Lordina Mahama (Ghana) 5.00
No.10 Mrs. Patience Jonathan (Nigeria)5.00