AN OPPORTUNITY TO GROW YOUR WEALTH

QUOTE

Although its easy to forget sometimes, a share is not

a lottery ticket its part-ownership of a business
PETER LYNCH
Peter Lynch is an American businessman and stock investor.

Risk comes from not knowing what youre doing

WARREN BUFFET
Warren Edward Buffett is an American business magnate, investor, and philanthropist.

Do Not Put All Your Eggs In One Basket!

Do not put all your savings in one investment, but build a diversified
portfolio of investments.

Key Players in Ugandas Capital Markets

Capital Markets Authority is the regulator of the capital markets

industry
Stock/Securities Exchange is the market where securities are
actually traded
Securities Central Depository is a system in which securities are
deposited and kept in custody in book entry form other than
holding them as paper certificates
Broker/Dealers are agents who buy and sell securities on behalf of
others and on their own account
Investment Advisers advise on the investment of financial
securities
Collective investment schemes (Unit Trusts/Mutual Funds) are
group or pooled investments managed by a fund/Unit Trust
manager

SHARES

Understanding Shares

Shares
A share of
ownership in a
company

Shareholder
Owner of the
shares

Growth In Share Prices From IPO Share

Prices

IPO Share Price

(Ushs)

Uganda Clays (IPO-2000)

BAT (U) Ltd (IPO-2000)
Bank of Baroda (U) Ltd (IPO-2002)
DFCU Group (IPO-2004)
New Vision Group (IPO-2004)
Stanbic Bank (U) Ltd (IPO-2006)
National Insurance Corporation (IPO-2009)

UMEME (IPO-2012)

Compound Annual
Share Price as at
Return on
Growth Rate
5th June 2015
Investment over the
(CAGR)
of the Share
(Ushs)1
period (%)
Price(%)

4,000

18,000

350.00

11

1,000

8,525

752.50

15

600

2,925

387.50

12.96

230

2,253

879.35

23.05

200

605

202.50

10.59

70

272

288.57

16.28

45

72.9

62.00

10.13

245

470

91.84

24.25

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

* These prices have taken into consideration share splits and bonus issues

CORPORATE ACTIONS
Uganda Clays: Share Split

Number Of Shares at
IPO

Value of Shares
at IPO (Ush)

No. Of shares
after share split
in 2006 of 10 for
every one held

No. of shares
after second
share split of 100
shares for every
share held

Value of shares as
at 30th April 2015

1,000

4,000,000

10,000

1,000,000

18,000,000

CORPORATE ACTIONS
Bank of Baroda: Share Splits & Bonus Issues

Number Of
Shares at IPO

Value of Shares
at IPO (Ush)

No. of shares
after share
split of 10
shares for
every 1 share
held in 2008

No. of shares
after bonus
issue of 1.5
shares for
every 1 share
held in in
2011

No. of shares
after bonus
issue of 1.5
shares for
every 1 share
held in 2012

Value of shares
as at 30th April
2015 (Ush)

1,000

600,000

10,000

25,000

62,500

8,125,000

CORPORATE ACTIONS
DFCU Bank: Bonus Issue

Number Of Shares at
IPO

Value of Shares
at IPO (Ush)

No. of shares
after bonus
issue of 1 share
for every 4
shares held in
2005

No. of shares
after bonus
issue of 1 share
for every share
held in 2014

Value of shares s
at 30th April 2015
(Ush)

1,000

230,000

1,250

2,500

2,232,500

CORPORATE ACTIONS
Stanbic Bank: Bonus Shares

Number Of Shares at
IPO

Value of
Shares at IPO
(Ush)

No. of shares
after bonus
issue of 1 share
for every share
held in 2011

No. of shares
after second
bonus issue of 4
shares for every
share held in
2012

Value of shares as
at 30th April 2015
(Ush)

1,000

70,000

2,000

10,000

340,000

CORPORATE ACTIONS
NIC: Rights Issue and Bonus Shares

Number Of Shares at
IPO

Value of Shares
at IPO (Ush)

No. of shares
after rights
issue of 4
shares for every
5 shares held

No. of shares
after bonus
issue of 1.38
shares for every
share held

Value of shares as
at 30th April 2015
(Ush)

1,000

45,000

1,800

4,284

72,828

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
IPO Price
24-Aug-00
13-Nov-01
12-Nov-02
4-Nov-03
8-Feb-05
19-Jul-05
3-Jan-06
3-Jul-06
17-Oct-06
12-Mar-07
26-Jun-07
8-Oct-07
4-Feb-08
22-May-08
9-Sep-08
5-Jan-09
21-Apr-09
4-Aug-09
16-Nov-09
4-Mar-10
8-Jul-10
19-Oct-10
15-Feb-11
2-May-11
7-Jul-11
8-Sep-11
9-Nov-11
11-Jan-12
15-Mar-12
21-May-12
20-Jul-12
20-Sep-12
6-Dec-12
12-Feb-13
18-Apr-13
21-Jun-13
23-Aug-13
28-Oct-13
31-Dec-13
4-Mar-14
8-May-14
11-Jul-14
12-Sep-14
14-Nov-14
21-Jan-15
25-Mar-15
29-May-15

Uganda Clays Share Price Movement (Ushs)

9,000

8,500

8,000

7,500

IPO Price
26-Apr-01
1-Aug-02
1-Mar-05
4-Aug-05
5-Jan-06
27-Jun-06
3-Oct-06
19-Feb-07
31-May-07
4-Sep-07
13-Dec-07
1-Apr-08
15-Jul-08
27-Oct-08
10-Feb-09
19-May-09
25-Aug-09
30-Nov-09
15-Mar-10
8-Jul-10
12-Oct-10
1-Feb-11
15-Apr-11
21-Jun-11
17-Aug-11
14-Oct-11
12-Dec-11
9-Feb-12
11-Apr-12
8-Jun-12
6-Aug-12
2-Oct-12
13-Dec-12
14-Feb-13
17-Apr-13
17-Jun-13
14-Aug-13
11-Oct-13
10-Dec-13
10-Feb-14
8-Apr-14
11-Jun-14
8-Aug-14
6-Oct-14
4-Dec-14
5-Feb-15
7-Apr-15
5-Jun-15

BAT Share Price Movement (Ushs)

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

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
IPO Price
6-May-04
10-May-05
20-Oct-05
27-Apr-06
5-Sep-06
1-Feb-07
24-May-07
6-Sep-07
7-Jan-08
22-Apr-08
12-Aug-08
4-Dec-08
30-Mar-09
16-Jul-09
29-Oct-09
18-Feb-10
28-Jun-10
11-Oct-10
8-Feb-11
28-Apr-11
6-Jul-11
8-Sep-11
10-Nov-11
13-Jan-12
20-Mar-12
25-May-12
27-Jul-12
28-Sep-12
17-Dec-12
22-Feb-13
2-May-13
5-Jul-13
9-Sep-13
13-Nov-13
20-Jan-14
24-Mar-14
29-May-14
5-Aug-14
7-Oct-14
11-Dec-14
18-Feb-15
24-Apr-15

Bank of Baroda Share Price Movement (Ushs)

2,500

IPO Price
5-Apr-05
30-Aug-05
2-Feb-06
10-Jul-06
16-Oct-06
26-Feb-07
5-Jun-07
6-Sep-07
13-Dec-07
31-Mar-08
8-Jul-08
16-Oct-08
29-Jan-09
5-May-09
10-Aug-09
10-Nov-09
18-Feb-10
15-Jun-10
16-Sep-10
4-Jan-11
29-Mar-11
30-May-11
27-Jul-11
22-Sep-11
17-Nov-11
13-Jan-12
13-Mar-12
11-May-12
6-Jul-12
31-Aug-12
7-Nov-12
10-Jan-13
11-Mar-13
9-May-13
5-Jul-13
2-Sep-13
30-Oct-13
27-Dec-13
24-Feb-14
23-Apr-14
23-Jun-14
19-Aug-14
15-Oct-14
11-Dec-14
11-Feb-15
10-Apr-15

DFCU Share Price Movement (Ushs)

2,000

1,500

1,000

500

2,800

2,600

2,400

IPO Price
26-May-05
18-Oct-05
30-Mar-06
7-Aug-06
16-Nov-06
22-Mar-07
26-Jun-07
25-Sep-07
10-Jan-08
14-Apr-08
21-Jul-08
27-Oct-08
5-Feb-09
11-May-09
11-Aug-09
10-Nov-09
16-Feb-10
10-Jun-10
9-Sep-10
27-Dec-10
22-Mar-11
19-May-11
18-Jul-11
12-Sep-11
4-Nov-11
30-Dec-11
24-Feb-12
24-Apr-12
19-Jun-12
13-Aug-12
5-Oct-12
14-Dec-12
13-Feb-13
12-Apr-13
10-Jun-13
2-Aug-13
27-Sep-13
25-Nov-13
22-Jan-14
18-Mar-14
15-May-14
11-Jul-14
5-Sep-14
31-Oct-14
30-Dec-14
25-Feb-15
23-Apr-15

New Vision Share Price Movement (Ushs)

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

2,800

2,600

IPO Price
24-May-05
11-Oct-05
16-Mar-06
27-Jul-06
2-Nov-06
6-Mar-07
11-Jun-07
6-Sep-07
10-Dec-07
18-Mar-08
24-Jun-08
23-Sep-08
5-Jan-09
6-Apr-09
7-Jul-09
5-Oct-09
5-Jan-10
27-Apr-10
27-Jul-10
25-Oct-10
7-Feb-11
14-Apr-11
15-Jun-11
8-Aug-11
30-Sep-11
23-Nov-11
17-Jan-12
13-Mar-12
9-May-12
2-Jul-12
23-Aug-12
23-Oct-12
24-Dec-12
20-Feb-13
18-Apr-13
13-Jun-13
6-Aug-13
30-Sep-13
25-Nov-13
21-Jan-14
14-Mar-14
12-May-14
7-Jul-14
29-Aug-14
23-Oct-14
17-Dec-14
13-Feb-15
10-Apr-15
5-Jun-15

Stanbic Bank Share Price Movement (Ushs)

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

80

IPO Price
8-Jun-10
3-Aug-10
28-Sep-10
25-Nov-10
3-Feb-11
24-Mar-11
29-Apr-11
7-Jun-11
12-Jul-11
15-Aug-11
19-Sep-11
21-Oct-11
24-Nov-11
29-Dec-11
2-Feb-12
7-Mar-12
13-Apr-12
18-May-12
21-Jun-12
25-Jul-12
28-Aug-12
1-Oct-12
16-Nov-12
21-Dec-12
29-Jan-13
5-Mar-13
11-Apr-13
16-May-13
20-Jun-13
24-Jul-13
28-Aug-13
1-Oct-13
6-Nov-13
10-Dec-13
16-Jan-14
19-Feb-14
25-Mar-14
30-Apr-14
5-Jun-14
10-Jul-14
14-Aug-14
17-Sep-14
22-Oct-14
25-Nov-14
2-Jan-15
6-Feb-15
12-Mar-15
17-Apr-15
22-May-15

National Insurance Corporation Share Price

Movement (Ushs)

60

40

20

600

IPO Price
18-Dec-12
9-Jan-13
28-Jan-13
15-Feb-13
6-Mar-13
26-Mar-13
16-Apr-13
6-May-13
23-May-13
12-Jun-13
1-Jul-13
18-Jul-13
6-Aug-13
26-Aug-13
12-Sep-13
1-Oct-13
22-Oct-13
8-Nov-13
27-Nov-13
16-Dec-13
7-Jan-14
24-Jan-14
12-Feb-14
3-Mar-14
20-Mar-14
8-Apr-14
29-Apr-14
19-May-14
6-Jun-14
26-Jun-14
15-Jul-14
4-Aug-14
21-Aug-14
9-Sep-14
26-Sep-14
16-Oct-14
4-Nov-14
21-Nov-14
11-Dec-14
2-Jan-15
21-Jan-15
10-Feb-15
27-Feb-15
18-Mar-15
8-Apr-15
27-Apr-15
15-May-15
4-Jun-15

Trends in the UMEME Share Price Movement

(Ushs)

500

400

300

200

100

INVESTING IN SHARES:
SELECT COUNTERS
FROM THE NAIROBI
SECURITIES EXCHANGE
(NSE)

GROWTH IN SHARE PRICES FROM IPO FOR

SELECTED COUNTERS AT THE NSE
IPO Share Price (U$ $)

Share Price as at 24th April

2015 (U$ )3

Return on Investment over the Compound Annual Growth Rate

period (%)
(CAGR) of the Share Price(%)

Kenya Commercial Bank (IPO-1988)

1.13

51.96

4498.16

15.23

HFCK Bank (IPO 1992)

0.22

2.65

1103.41

11.43

Uchumi Holdings (IPO-1993)

0.25

1.13

353.23

7.10

NIC Bank (IPO-1994)

0.94

9.08

866.06

11.40

Kenya Airways (IPO-1996)

0.2

0.26

29.64

1.39

ARM Mining (IPO 1997)

0.21

5.27

2409.54

19.61

TPS Serena (IPO-1997)

0.22

1.79

711.62

12.35

Equity Bank Limited (Introduction-2006)

0.97

20.48

2011.43

40.34

Kengen (IPO 2006)

0.17

0.11

-36.78

(4.72)

Scangroup (IPO 2006)

0.15

1.04

592.01

24.00

Kenya Re-insurance (IPO-2007)

0.14

0.23

61.50

6.40

Co-operative Bank (IPO 2008)

0.14

0.32

131.09

12.54

Safaricom (IPO 2008)

0.07

0.22

213.70

17.77

British American Investment Company (IPO 2011)

0.10

0.20

101.88

18.92

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

investment in shares depends on:
How much profit the company makes
The dividends declared
How many shares one owns

from

an

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
,Corporate Bonds and Money Lending

Bills,

Treasury

Bonds

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 ones 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
Securities
Exchange (USE) on its
website and some times
in the Daily New Vision
and
Daily
Monitor
newspapers.

You can also follow the

share prices at the end
of the 9pm News
Bulletin on NTV Uganda
and WBS Television
You can only buy or sell
not less than 100 shares

Share Price (Ushs)

As at 17th July 2014

Minimum Investment (Ushs)

Incl. 2% Brokerage commission &
0.1% SCD levy

6,500

786,500

BOBU

110

13,310

CENT

1,228

148,588

DFCU

1,220

147,620

EABL

8,961

1,084,281

EBL

1,347

162,987

JHL

12,027

1,455,267

KA

302

36,542

KCB

1,593

192,753

NIC

25

3,025

NMG

9,169

1,109,449

NVL

590

71,390

SBU

30

3,630

UCHM

357

43,197

UCL

20

2,420

UMEME

390

47,190

BAT

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

Fund

Effective Annual Rate of Return (%)

UAP Money Market Fund

10.14 %

UAP Umbrella Fund

11.83 %

UAP Balanced Fund

9.98%

Annualized Rate of Return since inception in January 2014

BONDS

Bonds Defined

BOND
Receive Regular
Interest Payments &
or Part Principal
Payments
Principal Paid
at Maturity

A bond
is like
commercial
bank loan
where the
Borrower pays
regular
interest and or
part principal
payments until
the bond
Matures
Bonds can either
be Corporate
Bonds for Private
Companies or
Treasury
Bonds/Bills for
Government

How a Bond Works

A Bond has Three Major Components:

FACE VALUE (also called par value): This is the value of the
bond as given on the certificate or instrument. This is the value
the bond holder will receive at maturity unless the issuer
defaults. The bond can be bought at par value, premium or
discount.

A COUPON RATE: This is the annual rate of interest payable on

the bond. This is in most cases paid in two installments every
six months. The rate can be fixed or floating pegged on an
agreed treasury bill or treasury bond rate.
MATURITY: This is the date upon which the issuer pays back
the face value of the bond.

How a Bond Works

Prices, Interest Rates & Yields

If you buy a new bond and plan to keep it to maturity,
changing bond prices, interest rates, and yields typically
do not affect you, unless the bond is called.

However when you buy or sell an existing bond in the

secondary market, the price investors are actually willing
to pay for the bond may fluctuate. And the bond's yield,
or the expected return on the bond, may also change.

How a Bond Works:

Bond Price Vs Interest Rates

Bond
Price

Prevailing Market
Interest Rates

Prevailing Market
Interest Rates

Bond
Price

The price
investors are
willing to pay
for a bond is
affected
largely by
prevailing
interest rates.
Buyers look
for a low
price.

How a Bond Works: Trading

Corporate bonds can be bought in the primary market through

designated agents and in the secondary market on the Uganda
Securities Exchange through licensed broker/dealers
In the primary market the minimum investment in corporate
bonds has ranged from Ushs 10 million to 200 million
Treasury bonds/bills can be bought from designated primary
dealers (commercial banks) in both the primary and secondary
markets
There are currently five designated primary dealers; Stanbic Bank,
Standard Chartered Bank, Barclays Bank, DFCU Bank, Centenary
Rural Development Bank, Bank of Baroda and Crane Bank

Performance of Corporate Bond and Treasury Bill

Investments (%)

25

Trends in Corporate Bond, Treasury Bills, Saving and Time

Deposit Rates (%)

20

15

10

Corporate Bond Coupon Average Floating Rate

Savings deposits

182 Days Treasury Bill

364 Days Treasury Bill

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

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 its worth taking for
your own sake and for the sake of your children

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: info@cmauganda.co.ug
research@cmauganda.co.ug
Website: www.cmauganda.co.ug
CMA Uganda

Capital Markets Authority- Uganda

#cmauganda

Uganda Securities
Exchange/Securities Central
Depository

Contact Person: Mr. Paul Bwiso

Plot 71/73 Kampala Road (Opposite
Biplous), 4th Floor Prism Building
Tel. 0414-343297/342818
Email: info@use.or.ug
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: info@africanalliance.co.ug

Crested Stocks and Securities Ltd

Contact Person: Mr. Robert Baldwin

Plot 13/15 Kimathi Avenue, 6th Floor Impala House
Tel. 0414-230900
Email: info@crestedsecurities.com

Crane Financial Services Ltd

Contact Person: Mr. Vivek Sharma

Plot 38 Kampala Rd, Crane Chambers
Tel. 0414-341414/345345
Email: cfs@cranefinancialservices.com

Equity Stock Brokers Limited

Contact Person: Ms. Gloria Kangabe

Plot 6/6A Orient Plaza
Tel. 0414-236012/3/4/5
Email: equity@orient-bank.com

LICENSED BROKER/DEALERS

Standard Bank Group

Securities

Contact Person: Mr. Joram Ongura

Plot 17 Hannington Rd, 4th Floor Crested Towers (Short
Tower)
Tel. 0414-715460/0312-224600/0312-224985
Email: mburuc@stanbic.com

Dyer & Blair

Contact Person: Mr. Edward Serunjogi

Ground Floor, Rwenzori House
Tel. 0414-233050/0312-265469
Email: sharesuganda@dyerandblair.com

Baroda Capital Markets

Ltd

Contact Person: Mr. Avinash Kumar Sahani

Plot 18 Kampala Rd
Tel. 0414-233680/3
Email: barodacapitalmarket@gmail.com

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: customercare.uganda@stanlib.com

ICEA Investment
Services Ltd

Contact Person: Mr. Robert Katabaire

Rwenzori Courts
Tel. 0414-347535/0414-232337
Email: icea@africaonline.co.ug

UAP Financial Services

Contact Person: Mr. Patrick Ndonye

1st Floor, Communications House
Tel. 0414-332743/0312-370290/0312-332743
Email: financialservices@uap.co.ug , info@uap.co.ug

LICENSED INVESTMENT ADVISORS WHO

MARKET OFF-SHORE PRODUCTS

Profin Group
(Uganda) Limited

Contact: Ms. Suzanna Namuli

Plot 10 School Lane Naguru, Kampala
P O Box 36697, Kampala, Uganda
Tel: 0414-533261/2
Fax: 0414-533261
Email: Uganda@theprofingroup.com

DeVere and Partners

Uganda Limited

Contact: Mr. Gavin Cooper

B4 Adam House
Plot 11, Portal Avenue
P. O. Box 21409 Kampala, Uganda
Tel: 0414- 342411/ 340846
Fax: 0414- 342411
Email: helpdesk@devere-group.com

End

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