the pevc 2016 report

2016

2nd Kampala PE/VC Conference Report

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TABLE OF CONTENT

EXECUTIVE SUMMARY ..................................................................................................................... 1

1. OPENING ADDRESSES .................................................................................................................... 2

1.1. Executive Director -UIA……………………………………………………………………………2

1.2. Acting Chairman – UIA Board of Directors .................................................................................. 3

1.3 The Chief Guest, Director Economic Affairs – MoFPED ............................................................... 3

2. KEYNOTE ADDRESS: - PROF. AUGUSTUS NUWAGABA, ........................................................... 4

3. FIRST PANEL DISCUSSION ............................................................................................................. 7

4. PRESENTATIONS DURING THE CONFERENCE ........................................................................... 8

4.1. Improving the Investment Climate in Uganda………………………………………………...8

4.2. Protecting your interests in PE Contracts……………………………………………………..8

4.3. Compliance and Risk management around PE/VC financing………………………………..9

4.4. Key issues in Outsourcing…………………………………………………………………....9

4.5. Facilitating the investment cycle…………………………………………………………….10

5. SECOND PANEL DISCUSSION ...................................................................................................... 12

6. PLENARY; QUESTION AND ANSWER SESSION ........................................................................ 13

7. EXPECTATIONS OF THE PE/VC FIRMS ....................................................................................... 15

8. LESSONS LEARNT ......................................................................................................................... 16

9. FEEDBACK AND SUGGESTIONS FOR IMPROVEMENT ............................................................ 16

10. APPENDICES .................................................................................................................................... i

10.1 Program ........................................................................................................................................ i

10.2 Evaluation.................................................................................................................................... ii

10.3 Organizing committee .................................................................................................................. ii

10.4 Sponsors ..................................................................................................................................... iii

10.5 Attendance list ............................................................................................................................ iii

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List of Abbreviations

AA African Alliance

BOU Bank of Uganda

CMA Capital Markets Authority

EATIH East Africa Trade and Investment Hub

FMCG Fast Moving Consumer Goods

GDP Gross Domestic Product

ICAU Investment Clubs Association of Uganda

MOFPED Ministry of Finance, Planning and Economic Development

NTV Nation Television

PE Private Equity

PWC Price Waterhouse Coopers

SME Small and Medium Enterprises

UIA Uganda Investment Authority

UMA Uganda Manufacturers’ Association

USE Uganda Stock Exchange

USSIA Uganda Small Scale Industries Association

VC Venture Capital

XSML Extra Small Medium and Large

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EXECUTIVE SUMMARY

The annual Alternative Finance Conference focusing on Private Equity (PE) and Venture Capital

(VC) was held on the 21st June 2016 at the Serena Kampala Hotel. The intent like during the

previous year’s conference was to enable SMEs to gain the knowledge, connections and tools

needed to achieve success and raise the capital or funding they need to propel their business

growth. The Conferences are held basing on research which shows that Private Equity is

continuing to grow and mature across all markets. This is mainly attributed to positive macro-

economic fundamentals, increasing political stability and the growth in the rising middle class

income continues to fuel interest in sub Saharan African private equity and create a compelling

investment case. Uganda attracts a small proportion of the region’s PE money, but interest has

grown buoyed by oil and gas discoveries and a growing consumer class.

This year the conference targeted 250 participants with a special focus on the owners of Medium

Enterprises so as to match the absorption capacity of the amounts of money on offer by the PE

firms which was missed in the 1st Conference organized in 2015. It was opened by the Director

Economic Affairs in the Ministry of Finance Planning and Economic Development, Mr.

Lawrence Kiiza, who represented the Minister. He recognized that SMEs find accessing

affordable capital a challenge and decried the high interest rates which contribute to the high cost

of doing business, and stressed the need to seek alternative sources of funding.

The Conference whose theme was “Enhancing the growth of SMEs through alternative

financing” featured inspirational and educational opportunities for everyone. Participants

enjoyed a world-class lineup of speakers, stellar panel’s and workshops, interactive mentoring

and coaching breakout sessions. Attendees had the chance to meet face-to-face with leading

industry experts, fellow entrepreneurs, previous beneficiaries, renowned industry sponsors,

investors and so much more. Participating entities – including small business owners,

entrepreneurs, humanitarians, creative types, and the founders of high-growth start-ups – were

offered the ability to raise capital from the known traditional methods of financing such as

immediate friends and families, Banks, and other money vehicles. The effect of all this will be

new business development so as to transform the economy of our country.

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1. OPENING ADDRESSES

1.1 Executive Director – UIA

In his welcoming remarks, Eng. Dr. Frank Sebbowa welcomed the stakeholders to the 2nd

Private Equity conference and reiterated the growing importance of alternative financing other

than banks, and that these sources are available and need to be brought to the fore. He said there

is an urgent need to enable local companies’ access to private equity as an alternative source of

capital.

This year’s conference mainly focused on the big enterprises even though some small ones too

were invited reason being that the Private Equity firms invited were looking at companies that

could absorb substantial amounts of capital in the range of ($500,000 and above). He called on

the business people around to interact with the PE firms in their booths so that they get to know

how they can get that much needed funding to their businesses. He closed by promising that next

year we shall be holding the 3rd conference and hopefully we shall be able to witness some deals

closed by then.

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1.2 Acting Chairman – UIA Board of Directors

He gave a brief background of the formation of UIA SME Division in 2009 and that one of the

major roles was to identify alternative sources of finance and link SMEs to them. He pointed out

that Ugandans are highly entrepreneurial people and that SMEs are the missing middle. The

problem of SMEs is that the majority don’t get to celebrate their second birthday and financial

needs are among the reasons for this high mortality rate. He pointed out that SMEs can be

facilitated mainly in two ways: by widening their market and provision of easy cheap and

affordable capital and that the conference provides a great opportunity for the SMEs to take

advantage of the private equity and venture capitalist firms. He reiterated UIAs commitment to

facilitate private sector led economic development.

The Chairman thanked the partners who together with UIA organized and sponsored the

conference to take place. These included BOU, AA, CMA, NTV, UIA, DTOS, PWC, UMA,

USSIA, Enterprise Uganda, EATIH and USE.

1.3 The Chief Guest, Director Economic Affairs – MoFPED

The conference was opened by Mr. Lawrence Kiiza, Commissioner Ministry of Finance

Planning and Economic Development who represented the Hon. Minister of Finance, Planning

and Economic Dev’t. He started by thanking UIA and the partners for organizing the conference

and that the activities we undertake should be aligned to the National Development Programme.

He singled out SMEs as being critical to the development of the economy (90% of working

population employed by SMEs while 60% of GDP is from SMEs as well)

He however noted that these SMEs face two main problems namely high costs of doing business

and access to affordable capital. He reiterated that government supports such Private Equity

conferences because they benefit the SMEs in a number of ways – by providing cheaper

financing options, better management skills as well as access to large markets. Finally he pointed

out that standards continue to be a major issue for SMEs to contend with and that government is

going to equip SMEs with the necessary skills

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2. KEYNOTE ADDRESS: - PROF. AUGUSTUS NUWAGABA, MD REEV

CONSULTS INTERNATIONAL

The Professor of Economics started by emphasizing that development of competitiveness and

investment in research are keys to boosting economic growth. This he exhibited when he

compared Uganda’s economy to some few selected countries in terms of GDP per Capita and

size of the economy and noted that Uganda ranks low. This is because companies don’t go to

countries as “magic” and that the key factors that attract them are demand, monetary aggregates

and people with ability to buy.

He defined Private Equity as a source of investment capital from high net worth individuals and

institutions for the purpose of investing and acquiring equity ownership in companies. He noted

with concern that corruption and diversion are killing businesses in Uganda and thanked UIA for

holding the PE/VC conference. Among the importance of PE/VC he gave are;

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• They provide large amounts of funding

• Generate high returns

• There is active involvement of the financiers –experienced professionals get involved in

your business which results in major improvements

He characterized PE in Uganda as small and underdeveloped without much upstream PE activity.

Prof. Nuwagaba said in order to boost small and medium enterprises, private equity would have

been a good alternative but that sector is still undeveloped and gave the sectors in which PE/VC

firms can invest in as infrastructure, energy, construction, manufacturing, pharmaceuticals,

health care services and health care products FCMG and retail as well as financial services

Prof Nuwagaba said Uganda’s current economic state is such that the major drivers of the

economy, telecommunications and banking, which contribute to over 50 percent of Gross

Domestic Product, are in the hands of foreigners. And yet Uganda to develop sustainably it ought

to harness her development internally first and only use external development assistance and

finance to leverage it. Prof. Nuwagaba said any country's development must be initiated from

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within, citing the Asian Tigers like South Korea, Malaysia and Singapore that made strides by

focusing inwards.

Importantly, he noted the economy is too liberal, allowing foreign investors to repatriate their

monies 100 percent. Citing the banking sector, Prof Nuwagaba said the top four banks, which he

declined to name, control over 70 percent yet they are also all foreign-owned. What this means,

he explained, is that the country's development is curtailed because the bank's interests don't

rhyme with the development needs of the country.

He said in order to develop internally; Ugandans must also start saving more and invest. That

way, he explained, Ugandans will start creating and growing wealth which in turn would boost

the country's development. This plus export of commodities whose prices rarely get affected by

external shocks like manufactured goods and services instead of traditional and unprocessed

goods like coffee, tea, fish and cotton would drive the economy in the right direction.

He said that it is also important that the government deliberately protects local industries in order

to make them competitive as there is no country that can industrialize without protecting her own

industries. Additionally, said Prof Nuwagaba, there are things that cannot be left to the private

sector like agricultural financing, cheap credit to the private sector, land reforms and

infrastructure.

Private Equity firms that want to invest in the SMEs in the country should be aware of the

following challenges facing the economy at present;

• Shallow capital markets

• Failure to tighten fiscal policy in combination with widening current account deficits has

raised concerns about the vulnerability of African countries to external shocks.

• Weak and evolving frameworks

• Fall in commodity prices coupled with strengthening of the dollar has made it

challenging for the Ugandan economy

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3. FIRST PANEL DISCUSSION

Panel Title Status of PE/VC in the country; Lessons learnt and emerging trends

Panelists Jarl Heijstee (XSML Capital), Mike Kinuthia (Pearl Capital Partners), Nonnie

Wanjihia (East African Venture Capital Association) and James Ado Kwabena

(FinCon Africa)

Moderator Ms. Damalie Mukiibi

Session Summary Private Equity and Venture Capital has continued to grow in Uganda and East

Africa as a whole. Dealing with SMEs across countries is similar and that

SMEs had little experience in dealing with outside capital and yet opening up

to outside capital can accelerate growth.

Major Takeaways • The penetration rates of PE in East Africa are still quite low with very

little competition

• The biggest drivers of PE are the population, political stability and the

rising middle class among others.

• Key aspect to attracting private equity is the ambition of the promoter

to grow the business and that private equity firms normally look for

high growing businesses.

• Businesses looking for private equity need to first do their homework

to find out the kind of businesses PE firms have invested in and that

Private equity looks at expansion. Therefore it is prudent that SMEs be

prepared for investors.

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Action Items

Identified

• Flagship private Equity to raise awareness

• Infrastructure development

• Mobilization of local capital – most capital in private equity is western

capital. Local investors should play a bigger part in mobilizing capital

• Tax incentives for SACCOs and investment clubs. These provide a lot

of money for the informal and semi-formal sectors.

• Create a more enabling environment to provide incentives for

minimizing requirements

• Awareness be created about PE/VC

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4. Presentations

4.1 Improving the investment climate in Uganda - CICS

Mr. Richard Mubiru (CICS) started his presentation by giving an overview of the Investment

Clubs in grooming local investors. The presenter gave insights to the participants about the

possibility of Investment Clubs mobilizing financial resources to provide affordable financial

capital to MSMEs. He reiterated that the private sector is small and hence can’t absorb the

available funding.

The interventions suggested to promote investment clubs as a vehicle for providing affordable

funding to MSMEs included; Financial literacy trainings, Forming investment clubs associations,

Training and mentorship of club members, Providing business development Services (BDS),

Working with DFCU and other commercial banks to support investment clubs, Supporting SMEs

to list on GEMS, Support (ICAU) to engage government on issues affecting investment clubs

4.2 Protecting your interests in PE contracts – MMAKS Advocates

Ms. Fiona Magona, Partner MMAKS advocates introduced to the participants on the overview of

understanding your Business interests, Private Equity contracts at a Glance and Protections under

Private Equity contracts. She highlighted a number of considerations before setting up a PE firm

such as the eligibility of your business, board representation, profitability, reputation, exit,

ownership and due diligence.

She highlighted the contents of the PE contracts like confidentiality agreement, subscription

agreement, shareholders agreement and management/employment contract.

She also highlighted in her presentation the key considerations under the shareholders

agreements and these are: Purchase price, number of shares, sellers covenants, sellers

representatives/warranties, events of default, limitation of liability, board matters, funding,

reserved matters, shareholders meetings, articles of association, share transfer restrictions, exit

strategy, dispute resolution mechanisms, conditions precedent and boiler plate provisions

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4.3 Compliance and Risk Management around the PE/VCs financing - PwC

Mr. Uthman Mayanja, Partner at Price Waterhouse Coopers started his presentation by giving an

overview on how PE/VC works and why the PE/VC is good for your business. He also gave a

summary in his presentation on what PE/VC firms are looking for and encouraged participants to

make their businesses attractive to attract PE/VC firms. He emphasized the need to have clean

books of accounts and the benefits of having clean books of accounts to aid in the process of

auditing the businesses.

He defined what auditing is and gave a number of reasons why audits matter. One of the reasons

he gave was that the process of independently verifying a company’s financial statement is

necessary to give a good understanding of the business and also provides an opinion. He ended

his presentation by summarizing the do’s and don’ts of the company’s financial records.

4.4 Key issues in outsourcing systems – DTOS

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Mr. Didier Viney started his presentation by giving the main reasons for outsourcing as being to

allow entrepreneurs, SME’s and companies to focus on their core mission i.e. critical activities;

to rely on experts who are always at the edge of technology, best practices and accounting

standards (i.e. world class capabilities + infrastructure) and companies and SME’s who have

proper books of records thus have ‘a story to tell’ Venture Capitalists and Private Equity Funds –

and attract investors to develop their businesses.

In his presentation, he mentioned the types of outsourcing which are:

• Financial and Accounting: Monthly Executive Dashboards, Budgets, Management

Accounts (Budget v/s Actual)

• Financial + Non-Financial Indicators: HR and Payroll

• Other types: Fixed Assets Register, Debtors and Creditors Book

He also told the participants about the latest technology in the outsourcing space (2/3) e.g. Sage

One accounting and Business intelligence tools (BI).

4.5 Facilitating the Investment Cycle – EATIH

Ms. Liz Muange began her presentation by the goal and the aim (EATIH) which is: To attract

and accelerate flows of investment capital into the EAC by 100 million dollars over a five year

period ending 2019 and: To remove barriers that prevent investments from happening in key

sectors such as Agribusiness, Financial Services, ICT , Cotton Textile & Apparel and Leather.

She highlighted a number of investment barriers and solutions in attracting investments. She

ended her presentation by highlighting a number of challenges and opportunities in facilitating

the investment cycle which include:

Challenges

• Confidentiality issue vs. impact dissemination.

• Credibility within the investment community.

• Transactions generally can take long to close.

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Opportunities

• Increase SME trade and investment readiness.

• Increase institutional capacity to (e.g. IPAs) – build sustainability

• Disseminate impact and success stories

5. SECOND PANEL DISCUSSION

Panel Title Experience in accessing alternative finance

Panelists Mr. Miraj Barot (MD Tirupati) and Dr. Alex Kanyije (CEO KK Foods)

Moderator Mr. Alex Kimani (EATIH)

Session Summary • Emphasized the importance of agriculture to the economy of Uganda and that standards are key to accessing the foreign (EU) markets.

• Reiterated the importance of drawing up a clear exit strategy with PE/VC firms.

• Role of PE/VC in the development of companies by not only providing the much needed cheap finance but also expertise in running the business.

Major Takeaways • PEs not only come with finance but also technology, market access, better management practices etc.

• Be ready to give up your privacy but disclose details to other parties as well as the public.

• Seek professional advice from the lawyers, auditors, and other business experts beyond the negotiations you hold with PEs.

• Where possible opt for diversified funding in terms of debt and equity to sustainably grow your business.

Action Items Identified

• Government support to SMEs to improve their business conditions through business clinics and awareness campaigns about PE/VC funding.

• Betterment of the business environment through alignment of the regulatory framework to ensure SME survival.

• Diversification of PE funding to interest those seeking small amounts. • Appreciation of formalization by SMEs in Uganda.

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6. PLENARY: QUESTION AND ANSWER SESSION

1. Could PE/VC explore avenues of funding startups?

2. How sustainable has PE/VC been?

3. Is there room for investment for entrepreneurs who have come up to distribute liquefied petroleum gas?

4. Suggest specific things government should do to deepen the financial sector

5. How can farmers access the expertise of KK Foods?

6. What are the foreseeable plans to small farmers on accessing the EU market?

7. Apart from funding from PE/VC, what other benefits accrue?

8. To KK Foods: what motivated you to invest in agriculture?

9. What is the ideal period through which PE firms quit the partnership?

10. Can I buy out the PE firm before expiry of their contract?

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11. Is UIA planning to bring a conference on Islamic Banking?

12. Can government introduce a venture capital fund for SMEs?

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7. EXPECTATIONS OF THE PE/VC FIRMS

• Create awareness of the PE/VC financing mechanism.

• Networking with fellow businesses and PE/VCs.

• Identifying financing needs of SMEs

• Identifying potential SMEs to invest in.

• To meet and create partnerships with international impact investors who need local partners to

enable/support their investment activities and post investment support.

• Meet and engage other investors as well as SMEs who could potentially benefit from the fund.

• Meet experienced finance professionals

• Understand better the regulatory environment for PE

• Brand and build visibility

• Contribute towards policy discussions on micro private equity investments

• Inform private businesses of the availability of alternative sources of financing

• Engage on industry trends of PE in Uganda/ East Africa

8. LESSONS LEARNT

PE/VCs SMEs

• There is lots of awareness needed for

appreciation of PE/VC

• There is need for innovation in financing for

SMEs

• There is a very small market for PE/VC in

Uganda

• There is a big gap/demand in funding for the

“missing middle”.

• Partnerships are key for the improvement

of the private sector

• Protecting your interests in PE/VC deals

• There is a very small market for PE/VC in

Uganda

• Financial Discipline and wealth creation

are key to becoming a successful

entrepreneur

• There is need to work hard, make money

and invest it in PE/VC

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9. FEEDBACK AND SUGGESTIONS FOR IMPROVEMENT

PE/VCs SMEs

• Focused programme around a thematic

area

• Development of achievable outcomes

• Good programming i.e. time slots,

presentations, panels etc. should be

relevant and build on each other

• Better structured networking session

• Provide examples of “raising local capital

for investment”.

• Put more emphasis on capital markets as a

whole and exploring the

linkage/complimentary relationship

between PE firms and the stock exchange

• There should be clear interaction between

the different presenters and the people who

have come for the conference

• There is need to bring on board more

government stakeholders e.g. lawmakers,

URA

• More emphasis should be put in making

SMEs realize sustainable income

development

• Less panelists and more case studies (actual

success stories)

• Avail attendees of contact information of all

those who attend the conference

• A better structured networking session

• The conference should focus more on what

we don’t know than focus on what is

already known

• Presentations should less wordy, pictures

bring out the information better

• Time should be key and considered during

presentations

• Programme for the day should be given to

each individual

• Businesses and investors should interact

fully instead of restricting themselves on

their tables or people they know

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10. APPENDICES

10.1Program

Time Program Contents 8:00 – 9:00 am

• Arrival of participants and Registration • BREAKFAST

9:00 – 10.00am

Session 1: Opening Remarks: • Remarks from ED UIA • Welcome Remarks by Chairman UIA Board • Hon. Minister of State Privatization and Investments welcomes the Hon. Minister of Finance • Official opening of the Conference by the Hon. Minister of Finance, Planning and Economic

Dev’t.

10.00 – 10:30am

Session 2: Keynote Address Opportunities PE/VC Firms Bring to Enhance the Growth of the Private Sector in Uganda. Prof. Augustus Nuwagaba, REEV Consults International

10:30 – 11:30am

SESSION 3: Panel Status of PE/VC in the Country; lessons learnt and emerging trends Panelists ; 1. Nonnie Wanjihia - East Africa Venture Capital Association 2. Mike Kinuthia - Pearl Capital Partners 3. Jarl Heijstee – African Rivers Fund, XSML 4. James Addo Kwabena – FinCon Africa Moderator: Damalie Mukibi

11:30 – 12:20 pm

SESSION 4: Presentations 1.Dr. Peter Ngategize (CICS) – Improving the Investment Climate in Uganda 2. Fiona Magona (MMAKS) – Protecting your interests in PE contracts. 3. Uthman Mayanja (PWC) - Compliance and Risk Management 4. Didier Viney (DTOS) - Key issues in Outsourcing Systems 5. Liz Muange (EATIH) – Facilitating the Investment Cycle

12:20 – 1.00 pm SESSION 5: Experience in accessing alternative Financing options 1. Mr. Celestine Babungi – MD Umeme 2. Dr. James Kanyije – CEO KK Foods 3. Mr. Miraj Barot – MD Tirupati

Moderator: Alex Kimani

1:00 – 2:00 pm LUNCH 2:00 – 2:30pm Plenary and Rapporteurs’ Report 2:30 – 4:00 pm

Business to Business networking Facilitated by PE/VC Steering Committee

5:00 pm End of Conference

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10.2Evaluation

Evaluation Form

Company/Fund Name First Name Last Name Phone Number Email Address

What were your expectations?

Which firms did you interact with?

Did you make any promising leads?

What have been your learning points?

What do you expect to be better in the next conference?

11. Organizing committee

No. Name Institution 1. Basil Ajer UIA 2. Joseph Lutwama CMA 3. Charles Nsamba CMA 4. Jooga Kawule USSIA 5. Ronald Mukasa Enterprise Uganda 6. Arnold Bagubwagye BoU 7. Doreen Mugisha PwC

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8. Emmanuel Erem UIA 9. William Nyakatura AA 10. Barbara Akello AA 11. Joseph Ssagala UIA 12. Valentine Ogwang UIA 13. Barbara Kabuchu UIA 14. Leslie Mutumba UIA 15. Sheila Mugyenzi UIA 16. Eria Kaweireku UIA 17. Richard Mubiru CICs 18. Catherine Kahubire UIA 19. Jackie Namatovu UIA 20. Innocent Dankaine USE

12. Sponsors

1) Bank of Uganda

2) DTOS International

3) African Alliance

4) Price Waterhouse Coopers

5) East African Trade and Investment Hub

6) Uganda Stock Exchange

7) Brighter Monday

8) NTV

13. Attendance list

NO Name Organization E-mail Address 1 Joseph Lutwama Capital Markets Authority jlutwama@cmauganda.co.ug

2 Frezilic Mwesigwa Quality Assurance &Mgt Consultants freszilic@qamconsultants.com

3 Sheikh Yaqub Manafa

Islamic Chamber of Commerce & Industrty manafayaqub@gmail.com

4 Robert Ndaula The Investigation rosand2008@gmail.com

5 J. B. Tusabe Poultry tusabejb@gmail.com

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6 Stephen N. Mweru UNDP mwerustephen@gmail.com

7 Robert Okello Sage Uganda sageuganda@yahoo.com

8 Charles Nsamba Capital Markets Authority cnsamba@cmauganda.co.ug

9 Angela Kerubo OCA akerubo@opencapitaladvisors.com

10 Bonny Kagaba Agaile Computing Uganda Ltd kagaba.bonny@gmail.com

11 Lydia va Os Terwel lydia@terwel.net

12 Vincent Okoth Oxfam vincent.okoth@oxfamnovib.nt

13 Jarl Hegstee XSML jarl.heystee@|XSMLcapital.com

14 Harriet Odembi East Africa Trade &Investment Hub hodembi@eatradehub.org

15 Hamza Galiwango UIA hgaliwango@ugandainvest.go.ug

16 Nicholas Sennungi FINCON Africa nicholas.sennungi@finconafrica.com

17 Julius Kamya Uganda Investment Review eight25graphier@gmail.com

18 Micheal Onyait Youth Alive onyaitmikehonorunt88@gmail.com

19 Ronald K. Sebyuhinja School Master Solutions ronnie@schoolmaster.co.ug

20 Jamen Addo FINCON Africa jkwalsena.addo@finconafrica.com

21 Viola Nantambi Alliance Safari &Travel naku.010@gmaipl.com

22 Richard Mugera Ascent Capital r.mugera&ascent.africa.com 23 Peter Wagima Eastec Industries magimapeter@gmail.com

24 Doreen Nanvule Ruby Business Solutions Ltd dnanvule@gmail.com

25 Evelyn Nyafwono Uganda Martyrs University enyafuono@gmail.com

26 Victoria Gakii Energy Technology Institute vgmaingi@gmail.com

27 Jonathan Green FEMX Jgreen@femyintl.com

28 Barbara K. UIA

29 Julius Alfred Agaba Uganda Investment Review julius.alfredagals@gmail.com

30 Steven Ssimbwa Multitech Business School ssimbwasteven@gmail.com

31 Maddic Makumbi Zomeka Investments Ltd eddmak@ymail.com

32 Adimeruyara Biddu General Mouldings accounts@gml.co.ug

33 Steven Tumusiime Nevets uganda Ltd nevetsugltd@gmail.com

34 Nouslsphe Sow ICIEC/IDB mosow@isob.ug

35 Esther Oliviah Namwebya Multitech Business School onamwebya@yahoo.com

36 Otukei Edward Geoffrey ICEA Group

37 Emmanuel Kaye UIA ekaye@ugandainvest.go.ug

38 Jassim Kiwanuka UMA jassimkiwanuka@uma.or.ug

39 Abdu Kagga Kagga & Partners abdukagga@kaggapartners.com

40 Dr. Shiraz Megha Ind. admin@megha-industries.com

41 Brendah Mpanga BNM Advocates bmpanga@bnmlaw.org

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42 Caroline E.T Kyeyune URA ckyeyune@ura.go.ug

43 Isaac Mwesigye HFB isaackeitira@gmail.com

44 Prisca Nabukwasi MUBS priscateddy@gmail.com

45 Ojijo Bascal Go Big Hus ojijo@gobighus.com

46 Ronald Mukasa Enterprise Uganda ronaldmukasa@gmail.com

47 Wilfred Dokolinga Bead for life Uganda dokolingawilfred@yahoo.com

48 Craddock Williams MITC lvcw&44@gmail.com

49 Baker Kanyangoga MOFPED baker.kanjangogo@finance.go.ug

50 Bidondole Alumasi MOFPED bidoxalma94@gmil.com

51 Margaret Laloyo BOR margaretlaloyo@gmail.cojm

52 Charles Lwanga BPIC checlwangs@gmail.com

53 Siki Kigongo AMAGARASkincare siki.kigongo@wmagaraskincare.com

54 Kefa Kuteesa Nsubuga KSMO Advocates nsubuga@ksmo.biz

55 Aboth Jovia USE jovia.bbosa@avent-bank.com

56 James Mugisha Jape Commodities Ltd mugishajade09@gmail.com

57 Malcolm Kastipo Mallan Ltd 58 Shah Abhay UltraTec

59 Flavia Rwabukamba Flako Ltd rwasukambaflavia@gmail.com

60 Barbara Birungi Hire Colab barbara@hivecotab.com

61 Karim NT Manji Habari Dot Com kajon@habari.com

62 Christopher Kutosi Life Care Health Centres ktschristopher4@gmail.com

63 Adolfo Cares Alonso EU

Adolfo.cires-Alonso@eeas.europe.eu

64 Barbara Wagaba W& S barbarawagaba@gmail.com

65 C. Wagaba W& S 66 Richard Sseruwagi Bakulu fpower Ltd richard@bakuluflower.com

67 Namara Martha ICEA Group martharuta3@gmail.com

68 Baron Mujuni Lovell Group baroninomujuni@outreach.com

69 Paul Bwiso USE pbwiso@ubc.or.ug

70 Lillian Helen Kuteesa

Nangwal,Rezida& Co. Advocates kuteesa@nare.co.ug

71 G. Piwang-Jalobo UIA Board wodamo@gmail.com

72 Stella Naggayi UIA snaggayi@ugandainvest.go.ug

73 Kellen Kayonga Askar Invest Kayonga2000@yahoo.com

74 Denis Mulangwa Sinfa Uganda dmulangwa@sinfaugandal.co.ug

75 Melekot Abate Croos Boundary melekot.abate@crossboundary.com

76 Henry Katongole Ryra Investments katongh@ryrainvest.com

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77 Harshad Barot/ Juhi Barot Tirupao

78 Wiem A. Bernet PCP 79 Martin Muhwezi Investors Club 80 Ibembe Patrick Apa Holdings Ltd

81 Luyima Marvin Mugagga Makerere University

82 Betty Makula CICS MFPED bettymakula@gmail.com 83 Barbara Nahabwe CICS MFPED hahabwebaabarah@gmail.com

84 Yairo Kwikiriza CICS MFPED kwikirizay@gmail.com

85 Jean Kaahwa African Agribusiness for 4S kaahwajen@gmail.com

86 Brian Ntamboneuti Brighter Monday brian@brightermonday.co.ug

87 Sidi Miya Syndicate Africa miyasisis@gmail.com

88 Stephen Emuria MTIC

89 Singh Kuldip Eastern Builders& Engineer Ltd ebeconstruction@yahoo.com

90 Lindani Ndlovu Lindani Ndlovu pindainibndlowu@gmail.com

91 Katherine Tracy Ruby business Solutions arikath23@yahoo.com

92 Linda Rwatangaba UAPFS linda.rwatangaba@uap.co.ug 93 Badru Ntege NFTCONSULT badru.ntege@nftconsult.com

94 Salim Abdul Islamic Chamber of Commerce & Industrty mahsalimabdul@gmail.com

95 Balikubotembe Suhason ICON WAGAZIN

96 Paul Vincent Kanda Transbank Project

97 Enid Busingye USE enidbusingye@gmail.com

98 Peter Kareba Nzuri Foods pkarebe@gmail.com

99 Jjumba Shiloh EQS 100 James Orima Asikma Capital

101 Sharon Tumushabe Stanlib Uganda sharon.tumushabe@stanlib.com

102 Masaba MUBS nicomasaba@gmail.com

103 Abubaker Mayanja ABL Dunamis Ltd abm@abl.co.ug

104 Christine Tusiime Clinicmaster International christinetusiime@cmater.net

105 Benon Bwahika Bena Ltd benalimited@gmail.com

106 Shifa Kaddu UIA shifa@peacock.co.ug.

107 Francis Nkurunungi Interworld

francis.nkurunungi@intelworld.co.ug

108 Fred Kamihanda Parkwood Prop Prest Foods fredkamihande@gmail.com

109 Kevin Rwanyarare Strathmore Business School krwanyarare@strathmore.edu

110 Ipelito Mubiru cbmlmarkets@gmail.com

111 Gabriel Addi C& G Antijes gabriel.addi@gndijes.co.ug

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112 Fiona Magona MMAKS magona@mmaks.co.ug

113 Didier Viney DTOS duiney@dtos.mn

114 Sunja Foolee DTOS sfoolee@dtos-mu.com

115 Francis Mujuni Eden Garden Mixed Farm mujuni444@gmail.com

116 Esther Karibwende

Bonny Enterprises karibwendee@gmail.com

117 Wilson Bikangaga Contractors Sun Frontiers Ltd contractorssunfrontiers@gmail.co

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118 Galino Pony Imukaventures 119 Cedric Kibuka Bonly kanbwader@gmail.com

120 Olive Kigongo UFA olivekigongo@hotmail.com

121 John Bakuseka Crested Superior Commodities Ltd jbaks2011@gmail.com

122 Patricia Onyango PACIS Patricia.onyango@gmail.com

123 Birungi Bagenda Mango Fund birungi.bagenda@mangofinal.org

124 Stephen Byaruhanga UIA sbyaruhanga@ugandainvest.go.ug

125 Doreen Mugisha PWC doreen.mugisha@ug.pwc.com

126 John Kipkembo SBS jkipkemboi@strathmore.edu

127 Michael Strain Clyde & Co michael.strain@clypeco.com

128 Samson Kiza Asigma samsonkizza@asigmacomltd.com

129 Elizabeth Rumanyike

FOL elizabeth@flogroup.net

130 Nicole DeMarsh OCA ndemarsh@opencapitaladvisors.co

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131 David Gonahasa Roundbob 132 Miriam Magala Uganda Insurance Association m.magala@uia.co.ug

133 Douglas Mulondo Psco Uganda Ltd easyholdings@gmail.com

134 Samuel Mukisa Zomeka Investments Ltd zomekainvestor@yahoo.com

135 Abel Odongo Dokolo Trinity Rural Electrification abelodongo@gmail.com

136 Joshua Musasizi The Icon Magazine smartjosh2K@gmail.com

137 Tony Kizibwe Ruby Business Solution kizibwetony@gmail.com

138 Keith Kalyegira CMA kkalyegira@cmauganda.co.ug

139 Alex Kimaani USAID E.A Trade Investment hub akimani@eatradehub.org

140 Angoku Sarah Martha Uganda Investment Review angasmantha@gmail.com

141 Samuel Nduga ndugas2016@gmail.com

142 Nonnie W. Bukbidge EAVCA nonnie@eavca.org

143 Stella Muwanjuzi Nutrition Options sterrwa@live.com

144 Jemba Chwa Lawrence URA jemba@ura.go.ug

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145 Yassin Magombe Addie Consulting Solutions addiesolutions@gmail.com

146 Donald Byamugisha Amagara Skirtcare donald.byamugisha@biteph.com

147 Mash Washer Mal/Negabart mark@negawattoa.com

148 William Kyamuhagire Makerere University wkyama@caes.mak.ac.ug

149 Bwanika Daniel SIUP info@idrc-ug.com

150 Liz Mwanga USAID E.A Trade Investment hub emuange@eatradehub.org

151 Peter Mulira UIA 152 Damalie Mukiibi FINCON Africa damalie.mukiibi@

153 Paul Wasirwa WANA Solutions pwasirwa@waesol.com

154 Grace Nakidde UTB2004/ Seychelles grace.nakidde@ug.fcm.travel

155 AKOS zold FOL akos@folgroup.net

156 Aaron Kirunda Enjuba aaron@enjuba.com

157 Rogers Karebi Uganda Business Process

Outsourcing Assoc rkarebi@das-uganda.com

158 Kalema Calm Emmanuel

E4IMPACT kcalmemmanu@gmail.com

159 Flavia Kajumba Orel Vine Int Academy flaviakajumba@yahoo.com

160 Piloys Innocent piloyainno@gmail.com

161 Yudaya Kadondi Uganda Development

Corporation ykadondi@udc.go.ug

162 Andrew Masinde Rocksoft Consults masindeandrew@gmail.com

163 Assumpta Marix Katusiime

One Health mariakatusiime@gmail.com

164 Lorika Godfrey Aloe Cure (U) LTD lorikad08@gmail.com

165 P.V Sreedhara Redd Zironiumexim (U)Ltd zirconiumuganda@gmail.com

166 Andrew Luzze USAID EATIH ahoggwa@eatih.org

167 Patrick Byabakama K UIA patbyabakama@gmail.com

168 Apuuli Babigumira EAC ababigumira@ahoo.com

169 Paul Nyangabyaki Cradle Communication panenyangi@gmial.com

170 Gloria Omaswa Cradle Communication gloria@cradle.co.ug

171 Frank Sebbowa UIA 172 Ann Muhangi Wholesome amuhangi@gmail.com

173 Rehema Nakirya MMAKS Advocates nabirya@mmaks.co.ug

174 Tshepo Dhlamini African Alliance dhlaminit@africanalliance.com

175 Norman Mulira MMAKS Advocates mulira@mmaks.co.ug

176 Doreen Esaete URSB desaete@ugandainvest.go.ug

177 Tobias Karekaho UIA tkarekaho@gmail.com

178 Livingstone Mukasa Mazima Retirement Plan(CIIS) mazimarbs@gmail.com

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179 Odongo Walter Prime Development Consult odongo78@gmail.com

180 Oriman Julius Psco Uganda Ltd aghujebwe@yahoo.com

181 Richard Mubiru CICS MFPED richard.mubiru@finance.go.ug

182 Charles Okwalinga UPEF chairman@upef.ug.net

183 Jackie Namatovu UIA jnamatovu@ugandainvest.go.ug

184 Ancez Bwire ANCYWAX ancywax@gmail.com

185 Dr. James Kanyije KK Fords janes@kkfoods.co

186 Eria Kaweireku UIA ekaweireku@ugandainvest.go.ug

187 Emmanuel Erem UIA eerem@ugandainvest.go.ug

188 John Nyakatura William African Alliance nyakaturaw@africanlliance.co.ug

189 Samuel G. L Balagadde ICIC Fresh Produce Exporters samuel@icicfoods.co

190 Veronica Nalwoga UIA vnalwoga@ugandainvest.go.ug

191 Barbara Akello African Alliance akellob@africanalliance.co.ug

192 Lawrence Byensi UIA byensi@ugandainvest.go.ug

193 Julius Kisalita Sion Travel Services Ltd siontravelservices@gmai.com

194 Basil Ajer UIA ajerbasil@gmail.com

195 Ssagala Joseph UIA sagala@ugandainvest.go.ug

196 Arnold Bagubwagye UIA abagubwagye@bou.or.ug

197 Emmanuel Kabaale UIA ekabaale@gmail.com

198 Wilbrod Owor UIA wilbrod.owur@finconafrica.com

199 Faith Ekudu Uganda Insurers Association faith.ekudu@uia.co.ug

200 Jooga Kawule USSIA kjooga@ussia.or.ug

201 Lydia Nakayenze Schubert

Fraunhofer IZI Leipzig, Germany

nakayenze-schubert@izi.fraunhofer.de

202 Mark Turyamureba MMAKS Advocates turyamweba@mmaks.co.ug

203 Leslie Mutumba UIA lmutumba@ugandainvest.go.ug

204 Lilian Katiso Traidlinks lilian.katiso@traidlinks.ie

205 Mary Kyoratungye Corporate Links Ltd marykyoratugye@gmail.com

206 Catherine Kahubire UIA ckahubire@ugandainvest.go.ug

207 John Walugembe USSIA swalugembe@ussia.or.ug

208 David Kamukama ICCO david.kamukama@Icco-cooperation.org

209 Jaap Veeboon ICCO jj.veeboom@icco.nl

210 Shieila K Mugyenzi UIA skarungi@ugandainvest.go.ug

211 Kenneth Legesi Deloitte klegesi@deloitte.com

212 Mulungi Sseruno Deloitte mmsseruwo@deloitte.com

213 John B Capital Food Ventures info@capitalfoodventures.com

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214 Keviri Asinde Amani International amuhangi@gmail.com

215 Esther Kamiza Starcafe enamajja@starcafe.co.ug

216 Mohammad Charara Hariss International Riham charara@rihamgroup.com

217 Takoba Hellen Sarah URA htakoba@ura.go.ug

218 Hajara Nabasirye Destinations Tour& Travel destinationstt@gmail.com

219 Diana Kemigisha Clinicmaster International diana.kemigisha@clinicmaster.net

220 Patrick Sempijja Stanlib Uganda patrick.ssempijja@stanlib.com

221 Mark Karamira SPE Taxi Cab makk@spe.ug

222 Sam Kijjambu Coleon Group coleongroup@gmail.com

223 Hamiidah Namukasa UICC zebdham@yahoo.com

224 Ronald Mwesigwa Nakitende M Brighter Monday ronald_mwesigwa@yahoo.com

225 Marion Nakitende Talent ins Skill talentinskill@gmail.com

226 Ronald Kidasa Great Lakes Uganda Lodges kidasa@gmail.com

227 Priscilla Nassimbwa CEO Summit info@ceosummituganda.com

228 Alaisha Ndagire TASI alaishas2000@yahoo.com

229 Muhamad Manaffa ENEMBA/ PSFU beesinvest@gmail.com

230 Patrick Bitamazire URA pbitamazire@ura.go.ug

231 Richard Olet Pule F. U. L pulesusan@gmail.com

232 Herbert Gudugwa Precious Moments esthkikoii@gmail.com

233 Jane Ndungu KCB 234 Brian Kavuya Asigma Capital brian-kavuya@asigmacapital.com

235 Asuman Mukiibi Islamic Chamber of Commerce & Industrty osmansunll@yahoo.com

236 Davis Baasha BIDNETWORK Davis.baasha@bidnetwork.org

237 Lugoloobi Francis Parkwood International lugolobifrancis@gmail.com

238 Allan Rwakatenga IWI allan.rwakatenga@interworld.co.ug

239 Innocent Dankaine Uganda Securities Exchange idankaine@use.or

240 Okurut Darwin J Akoru Maize&Bcons P&P Co darwinokurut 241 David Wakyiku Asigma Capital 242 Valentine Ogwang UIA 243 Bruno Ngabirano Makerere University ngabiranob@gmail.cojm

244 Micheal Onyait Victory Partnership Maize Processing& Supply

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