[2008-07-30]  UCL to split shares again
UGANDA Clays (UCL) is to split its shares by a ratio of 1:100, the board secretary, Charles Rubaijaniza, has said. This means that for every one share, 100 will be created. UCL’s shares cost over sh10,000 on the Uganda Securities Exchange.

Rubaijaniza said during an extra general meeting on Monday that the split would be effected in a month.

Participants also approved cross listing of the company’s shares, further expansion and increasing the number of directors to 10 from seven.

The board chairman, Prof. John Senfuma, said funds from the share split would facilitate the company’s expansion programme.

“It is an important move as it gives us the support in principle that we required to carry out our expansion programmes according to our strategic plan. We have lots of plans for the company because it can only survive if it expands,” he said.

Senfuma noted that most of the shares that were put on sale were owned by individuals and some people treated them as savings accounts.

“There are few institutional investors holding UCL shares who have sold them,” he said.

David Jamwa Chandi, the chief executive officer of the National Social Security Fund, said they wanted UCL to expand and were ready to offer support.
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