Umeme Will Invest Up to $100m Upgrading Uganda Network This Year
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Umeme Ltd., the Ugandan power distributor owned by Investec Asset Management Ltd. and Actis LLP, may invest as much as $100 million in upgrading its network this year, Managing Director Selestino Babungi said.
Planned funding this year is part of the $440 million the company is spending between 2013 and 2018 overhauling old equipment, buying new technology and adding distribution points, Babungi said Thursday in an interview in the capital, Kampala. Last year, the company spent 269 billion shillings ($90.5 million), he said.