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BAT Uganda Shareholders To Get Shs8.9bn In Dividends As Henry Rugamba Is Announced As New Board Chairperson

Henry Rugamba (L), the incoming chairperson of the board of directors of BAT Uganda Limited receiving the Board leadership file from Philemon Kipkemoi (R), a director who represented the outgoing chairperson, Hon. Dr. Elly Karuhanga during the 24th company AGM held at Kampala Sheraton Hotel on Thursday 4 July 2024.

British American Tobacco Uganda Limited (BAT Uganda)  shareholders have approved Ushs 8.9 billion (Ushs 181 per ordinary share) as a first and final dividend for the year ended 31st December 2023. This happened during the 24th Annual General Meeting of BAT Uganda held at Sheraton Kampala Hotel on Thursday 4 July 2024.

The dividend, which is in line with the Company’s 100% dividend pay-out policy, will be paid net of withholding tax on 30th July 2024 to shareholders whose names appear on the Company’s share register at the close of business on 26th July 2024.

During the AGM, Henry Rugamba was announced as the incoming Board Chairperson, taking over from Hon. Dr. Elly Karuhanga who retired from the position he has held since 2013. The Board thanked Hon. Dr. Karuhanga for his immense contribution and steadfast leadership during his tenure.

Henry is a seasoned business leader and public relations professional with approximately 30 years in public relations and marketing communications. He began his career at BT Group plc in the United Kingdom (formerly British Telecom), before joining British American Tobacco, where he worked in the Marketing and Corporate Affairs departments for over 10 years. After a period in consultancy work, Henry joined Umeme Limited as Head of Communications, where he was instrumental in building Umeme’s brand and implementing a successful stakeholder management policy.

Henry joined the Board as a director in 2022.

Commenting on the businesses outlook during the AGM, BAT Uganda Managing Director, Mathu Kiunjuri said: “Our business fundamentals remain solid, amidst a challenging operating environment, anchored on the resilience of our people.

The strategic guidance of Henry and the entire Board remains critical to addressing the high prevalence of illicit cigarettes in the country, leading to an estimated revenue loss to Government of Ushs 30 billion annually, continued shrinkage of the legitimate cigarette market, and related challenges such as the funding of criminal activity as reported in the Eastern and Southern Africa Anti Money Laundering Group (ESAAMLG) 2018 report on Smuggling of Cigarettes and Associated Money Laundering in the ESAAMLG Region.

BAT Uganda welcomes the opportunity for an enhanced approach to addressing these challenges, focused on leveraging partnerships for the effective enforcement of anti-illicit trade policies and regulations”.

Giving his remarks during the AGM, outgoing Board Chairperson, Hon. Dr. Elly Karuhanga stated:

“After 11 years as Chairperson of the BAT Uganda Board, I am proud of the achievements we have made over time to further solidify the Company’s position as a resilient and progressive business entity. I appeal to the Government to increase efforts towards the fight against illicit trade, especially in cigarettes. Working closely with the private sector, I am optimistic that this challenge can be dealt with sustainably. Further, I congratulate Henry on his appointment, and wish him, together with the entire Board, every success as they steer the affairs of the Company forward.”

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