Uganda’s economy is one of the most fast-growing economies on the continent with a posted GDP of $37.4 billion and a marginal representation of local investors as high institutional ownership crowds them out of the market.
The market value of all the stakes owned by the 10 richest investors in companies listed on the Uganda Securities Exchange (USE) is $18.5 million. This represents just about 0.30 percent of the market’s $6.1-billion valuation, as institutional investors and parent companies of listed entities control a huge chunk of the market.
Based on figures derived from investment agencies, the latest annual reports, and confirmations from capital market registrars, these are the 20 richest people who own stocks listed on the Uganda Stock Exchange.
The value of the shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates. This list features the top 10 richest investors in Uganda as extracted from data on the Uganda Securities Exchange
1) Sudhir Ruparelia at a Net worth on the USE: $5,206,007
Holdings: Bank of Baroda (Uganda), Stanbic Bank Uganda, NIC Holdings, DFCU
Ugandan top billionaire Dr. Sudhir Ruparelia is one of East Africa’s richest men and the chairman of Ruparelia Group, a conglomerate with interests in hotels, real estate development, floriculture, and broadcasting. He is also the richest person on the Uganda Securities Exchange. His holdings include 0.65 percent of Stanbic Bank Uganda worth $2.49 million; a 2.5-percent stake in Bank of Baroda (Uganda), which is valued at $2,095,224; a 0.29-percent stake in DFCU bank; and, 6.96 percent of NIC Holdings, an insurance company.
2) Emmanuel Katongole at Net worth on the USE: $2.74 million
Holdings: Cipla Quality Chemical industries
Emmanuel Katongole was the founder of Quality Chemical Industries, a pharmaceutical manufacturing company in Uganda. In 2015, Cipla of India acquired a 51-percent stake in the business from Katongole, and renamed the company Cipla Quality Chemical industries. (CQCIL). CQCIL manufactures triple-therapy antiretroviral medication, double-therapy antimalarial medication and the Hepatitis-B generic medicines Texavir and Zentair. Katongole pocketed millions of dollars when Cipla acquired control of the company in 2015. He still owns a 2.79-percent stake in the company worth $2.74 million.
3) George Baguma at Net worth on the USE: $2.74 million
Holdings: Cipla Quality Chemical industries
George Baguma is the chief commercial officer of Cipla Quality Chemical industries and also sits on the board. He is a long-time associate and business partner of Emmanuel Katongole. He also owns a 2.79-percemt stake in the company.
4) Frederick Kitaka at Net worth on the USE: $2.74 million
Holdings: Cipla Quality Chemical industries
Frederick Kitaka serves as executive director of finance of Cipla Quality Chemical Industries Limited. He is a long-time associate and business partner of both George Baguma and Emmanuel Katongole. He also owns 2.79 percent of Cipla Quality Chemical Industries.
5) Ibrahim Kironde Kabanda at Net worth on the USE: $1.58 million
Holdings: Stanbic Uganda Holdings
Ibrahim Kironde Kabanda, a former chairman of the Uganda Revenue Authority, owns a 0.42-percent stake in Stanbic Uganda Holdings worth $1.58 million.
6) Ceasor Mulenga at Net worth on the USE: $1.52 million
Holdings: 1.82-percent stake in Bank of Baroda (Uganda)
7) Maheshwary Morjaria
Net worth on the USE: $849,415
Holdings: 1-percent stake in Bank of Baroda (Uganda)
8) Joseph Byamugisha at Net worth on the USE: $537,962
Holdings: 0.63-percent stake in Bank of Baroda (Uganda)
9) Rakesh Gadani at Net worth on the USE: $339,766
Holdings: 0.26-percent stake in DFCU
10) Keith Muhakanizi at Net worth on the USE: $248,737
Holdings: 0.2-percent stake in DFCU
Source: Billionaires Africa
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