Telecommunications Mogul Charles Mbire buys shares worth Ugx 2Bn in Bank of Baroda

Charles Mbire

Charles Mbire has acquired a huge stake into Bank of Baroda through a single purchase of shares worth over Shs 2 billions. This comes after the bank informed its shareholders that it will pay the final dividend for the year ended December 31st 2020 following receipt of the necessary regulatory approval.

According to a statement dated June 21, 2022 by Anne T. Mbonye, the Company Secretary, the Company Board of Directors meeting held on March 24th, 2021 recommended final dividend pay-out of Shs. 25 Billion (Uganda Shillings 10.00 per share) for the Financial Year 2020

As the world moves towards the adaptation of FinTech to facilitate development in all sectors, shrewd investors are now turning their focus to financial institutions as their investment choices.

This was evidenced in today’s trading at the Uganda Stock Market where Telecommunications Mogul Charles Mbire acquired a huge stake into Bank of Baroda through a single purchase of 23,529,400 shares worth over Shs 2bn.

Mbire now adds banking to his long list of investments which include Telecommunications (MTN) which is currently trading on the Uganda Securities Exchange where he boasts of a 4 percent share value worth over 55 million dollars. His other investments include Logistics  (FF), Revenue Assurance- Invesco , Oil  services- (INVESCO), Tech, Real Estate and oil exploration

Officials at Uganda Securities Exchange are upbeat about today’s trading activities on the Stock Market. 

“To a man like Mbire, the acquisition of such a substantial stake in Bank of Baroda can only be done after a careful evaluation of the global business trends,” said an official at the stock market.

“With that kind of shares, Mbire is probably the biggest individual shareholder at the bank of Baroda.”

Bank of Baroda Uganda was initially wholly owned by Bank of India

Bank of Uganda recently gave a letter of ‘No Objection’ to Bank of Baroda’s request to pay out 25 billion shillings, which will now be effected on August 4.

Bank of Baroda’s net profit for 2020 amounted to 83.37 billion shillings, and grew by 8.23 percent to 90.23 billion in 2021.

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