At the Annual General Meeting held on August 28, shareholders of Uganda’s largest electricity distributor, Umeme Limited, approved a resolution to forgo any final dividend for the fiscal year ending June 30, 2024. The decision follows a series of strategic resolutions aimed at strengthening the company’s balance sheet, expanding grid infrastructure, and addressing mounting debt pressures. In a statement, the board explained that retaining earnings will fund the rollout of new transmission lines and the upgrade of aging substations, projects estimated to cost over UGX 1.5 trillion. While the move disappointed income‑seeking investors, analysts noted that the capital‑intensive nature of the utility’s expansion plans makes the dividend suspension a prudent short‑term measure to ensure long‑term reliability and growth.
On top of everything as it happens