The market value of all the stakes owned by the 10 richest investors in companies listed on the Uganda stock exchange is 518.5 million. This represents just about 0.30 per cent of the market’s 56.1-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 by Billionaires.Africa.com, 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.
1. Dr. Sudhir Ruparelia
Net worth on the USE: $5,206,007 Holdings: Bank of Baroda (Uganda), Stanbic Bank Uganda, NIC Holdings, DFCU
Ugandan tycoon 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 per cent of Stanbic Bank Uganda worth $2.49 million; a 2.5-per cent stake in Bank of Baroda (Uganda), which is valued at $2,095,224; a 0.29-per cent stake in DFCU bank; and, 6.96 per cent of NIC Holdings, an insurance company.
2. Emmanuel Katongole.
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-per cent 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-per cent stake in the company worth $2.74 million.
3. George Baguma.
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- per cent stake in the company.
4. Frederick Kitaka
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 per cent of Cipla Quality Chemical Industries.
5. Ibrahim Kironde Kabanda 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-per cent stake in Stanbic Uganda Holdings worth $1.58 million.
6. Ceasor Mulenga Net worth on the USE: $1.52 million
Holdings: 1.82-per cent stake in Bank of Baroda (Uganda)
7. Maheshwary Morjaria Net worth on the USE: $849,415 Holdings: 1-per cent stake in Bank of Baroda (Uganda).
8. Joseph Byamugisha Net worth on the USE: $537,962 Holdings: 0.63-per cent stake in Bank of Baroda (Uganda)
9. Rakesh Gadani Net worth on the USE: $339,766 Holdings: 0.26-per cent stake in DFCU.
10. Keith Muhakanizi Net worth on the USE: $248,737 Holdings: 0.2-per cent stake in DFCU.