KAMPALA, UGANDA: Telecommunications mogul and city businessman Mr. Charles Mbire has acquired a huge stake in Bank of Baroda through a single purchase of 23,529,400 shares worth over Shs2 billion.
The mega acquisition was revealed on Tuesday, during the trading activities at the Uganda Stock Market.
An official at Uganda Securities Exchange who preferred anonymity over the matter revealed that the purchase has caused an upbeat at the stock market declaring Mbire as the biggest individual shareholder of the bank.
“To a man like Mbire, the acquisition of such a significant stake in Bank of Baroda can only be done after a careful evaluation of the global business trends. With that kind of shares, Mbire is probably the biggest individual shareholder at the Bank of Baroda,” the official said.
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.
Bank of Baroda Uganda is initially wholly owned by Bank of India and is one of the most robust commercial banks in Uganda.