African Alliance Uganda Ltd has exited Uganda’s stock market after 15 years of offering brokerage services. The company is licensed by Capital Markets Authority (CMA) as a Stock Broker and Investment Advisor. However, at the end of this month, the company will cease to operate its stock brokerage business arm and maintain the Investment Advisor license.
Announcing the exit yesterday at Uganda Securities Exchange (USE) in Kampala, Kenneth Kitariko, the CEO, African Alliance said: “…Our clients will have 14 days from the 12th of April to the 06th of May to transfer their SCD (Securities Central Depository) accounts to any other brokers of their choice. Clients who haven’t done so by then will have their accounts transferred to UAP Old Mutual Financial Services Ltd.”
Paul Bwiso, the CEO, USE said it was sad to see African Alliance leave the stock market.
“We have established a lot together over the 15 years…In numbers alone, they have traded over Shs920 billion in the past 10 years, opened 5612 SCD accounts making up 17% of the clients on the Exchange,” Bwiso said.
He added: “On behalf of the Exchange, we would like to thank African Alliance for being a compliant licensed stock broker for over 15 years and to Mr. Kenneth Kitariko for being a member of the board of directors of the Exchange.”
Simon Mwebaze, the CEO, UAP Uganda said: “…In addition to the 176 years of heritage, we have a confident team that can handle the investors from African Alliance. We will also work with African Alliance to strengthen the investment advisory arm of both our businesses…”