[2008-09-09]  New Vision to start trading today
THE New Vision’s 25.5 million new shares issued under the just-concluded rights issues will start trading today (Tuesday).

The shares were supposed to start trading yesterday but the Uganda Securities Exchange was closed due to a public holiday.

New Vision issued the additional shares to shareholders at a discount of sh1,100. At the time, the New Vision share was trading at sh2,510. It closed last week at sh2,480.

The issue was over-subscribed by a billion shillings and the funds will go towards expansion into radio, TV, upgrading printing capacity and building of a new office .

The rights issue, which started on July 10, offered shareholders an opportunity to buy one additional share for every two held.

A total of 26,469,441 shares were subscribed for. Of these, 1,694,000 were applications for additional rights, of which 42.75% will be allocated. Additional rights available for allocation were 724,209.

“We have refunded the shareholders who had bid for more than their due allocation, except for those who did not give us their bank account details,” the company secretary, Gervase Ndyanabo said.

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