the pevc 2016 report
TRANSCRIPT
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 [email protected]
2 Frezilic Mwesigwa Quality Assurance &Mgt Consultants [email protected]
3 Sheikh Yaqub Manafa
Islamic Chamber of Commerce & Industrty [email protected]
4 Robert Ndaula The Investigation [email protected]
5 J. B. Tusabe Poultry [email protected]
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6 Stephen N. Mweru UNDP [email protected]
7 Robert Okello Sage Uganda [email protected]
8 Charles Nsamba Capital Markets Authority [email protected]
9 Angela Kerubo OCA [email protected]
10 Bonny Kagaba Agaile Computing Uganda Ltd [email protected]
11 Lydia va Os Terwel [email protected]
12 Vincent Okoth Oxfam [email protected]
13 Jarl Hegstee XSML jarl.heystee@|XSMLcapital.com
14 Harriet Odembi East Africa Trade &Investment Hub [email protected]
15 Hamza Galiwango UIA [email protected]
16 Nicholas Sennungi FINCON Africa [email protected]
17 Julius Kamya Uganda Investment Review [email protected]
18 Micheal Onyait Youth Alive [email protected]
19 Ronald K. Sebyuhinja School Master Solutions [email protected]
20 Jamen Addo FINCON Africa [email protected]
21 Viola Nantambi Alliance Safari &Travel [email protected]
22 Richard Mugera Ascent Capital r.mugera&ascent.africa.com 23 Peter Wagima Eastec Industries [email protected]
24 Doreen Nanvule Ruby Business Solutions Ltd [email protected]
25 Evelyn Nyafwono Uganda Martyrs University [email protected]
26 Victoria Gakii Energy Technology Institute [email protected]
27 Jonathan Green FEMX [email protected]
28 Barbara K. UIA
29 Julius Alfred Agaba Uganda Investment Review [email protected]
30 Steven Ssimbwa Multitech Business School [email protected]
31 Maddic Makumbi Zomeka Investments Ltd [email protected]
32 Adimeruyara Biddu General Mouldings [email protected]
33 Steven Tumusiime Nevets uganda Ltd [email protected]
34 Nouslsphe Sow ICIEC/IDB [email protected]
35 Esther Oliviah Namwebya Multitech Business School [email protected]
36 Otukei Edward Geoffrey ICEA Group
37 Emmanuel Kaye UIA [email protected]
38 Jassim Kiwanuka UMA [email protected]
39 Abdu Kagga Kagga & Partners [email protected]
40 Dr. Shiraz Megha Ind. [email protected]
41 Brendah Mpanga BNM Advocates [email protected]
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42 Caroline E.T Kyeyune URA [email protected]
43 Isaac Mwesigye HFB [email protected]
44 Prisca Nabukwasi MUBS [email protected]
45 Ojijo Bascal Go Big Hus [email protected]
46 Ronald Mukasa Enterprise Uganda [email protected]
47 Wilfred Dokolinga Bead for life Uganda [email protected]
48 Craddock Williams MITC lvcw&[email protected]
49 Baker Kanyangoga MOFPED [email protected]
50 Bidondole Alumasi MOFPED [email protected]
51 Margaret Laloyo BOR [email protected]
52 Charles Lwanga BPIC [email protected]
53 Siki Kigongo AMAGARASkincare [email protected]
54 Kefa Kuteesa Nsubuga KSMO Advocates [email protected]
55 Aboth Jovia USE [email protected]
56 James Mugisha Jape Commodities Ltd [email protected]
57 Malcolm Kastipo Mallan Ltd 58 Shah Abhay UltraTec
59 Flavia Rwabukamba Flako Ltd [email protected]
60 Barbara Birungi Hire Colab [email protected]
61 Karim NT Manji Habari Dot Com [email protected]
62 Christopher Kutosi Life Care Health Centres [email protected]
63 Adolfo Cares Alonso EU
64 Barbara Wagaba W& S [email protected]
65 C. Wagaba W& S 66 Richard Sseruwagi Bakulu fpower Ltd [email protected]
67 Namara Martha ICEA Group [email protected]
68 Baron Mujuni Lovell Group [email protected]
69 Paul Bwiso USE [email protected]
70 Lillian Helen Kuteesa
Nangwal,Rezida& Co. Advocates [email protected]
71 G. Piwang-Jalobo UIA Board [email protected]
72 Stella Naggayi UIA [email protected]
73 Kellen Kayonga Askar Invest [email protected]
74 Denis Mulangwa Sinfa Uganda [email protected]
75 Melekot Abate Croos Boundary [email protected]
76 Henry Katongole Ryra Investments [email protected]
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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 [email protected] 83 Barbara Nahabwe CICS MFPED [email protected]
84 Yairo Kwikiriza CICS MFPED [email protected]
85 Jean Kaahwa African Agribusiness for 4S [email protected]
86 Brian Ntamboneuti Brighter Monday [email protected]
87 Sidi Miya Syndicate Africa [email protected]
88 Stephen Emuria MTIC
89 Singh Kuldip Eastern Builders& Engineer Ltd [email protected]
90 Lindani Ndlovu Lindani Ndlovu [email protected]
91 Katherine Tracy Ruby business Solutions [email protected]
92 Linda Rwatangaba UAPFS [email protected] 93 Badru Ntege NFTCONSULT [email protected]
94 Salim Abdul Islamic Chamber of Commerce & Industrty [email protected]
95 Balikubotembe Suhason ICON WAGAZIN
96 Paul Vincent Kanda Transbank Project
97 Enid Busingye USE [email protected]
98 Peter Kareba Nzuri Foods [email protected]
99 Jjumba Shiloh EQS 100 James Orima Asikma Capital
101 Sharon Tumushabe Stanlib Uganda [email protected]
102 Masaba MUBS [email protected]
103 Abubaker Mayanja ABL Dunamis Ltd [email protected]
104 Christine Tusiime Clinicmaster International [email protected]
105 Benon Bwahika Bena Ltd [email protected]
106 Shifa Kaddu UIA [email protected].
107 Francis Nkurunungi Interworld
108 Fred Kamihanda Parkwood Prop Prest Foods [email protected]
109 Kevin Rwanyarare Strathmore Business School [email protected]
110 Ipelito Mubiru [email protected]
111 Gabriel Addi C& G Antijes [email protected]
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112 Fiona Magona MMAKS [email protected]
113 Didier Viney DTOS [email protected]
114 Sunja Foolee DTOS [email protected]
115 Francis Mujuni Eden Garden Mixed Farm [email protected]
116 Esther Karibwende
Bonny Enterprises [email protected]
117 Wilson Bikangaga Contractors Sun Frontiers Ltd [email protected]
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118 Galino Pony Imukaventures 119 Cedric Kibuka Bonly [email protected]
120 Olive Kigongo UFA [email protected]
121 John Bakuseka Crested Superior Commodities Ltd [email protected]
122 Patricia Onyango PACIS [email protected]
123 Birungi Bagenda Mango Fund [email protected]
124 Stephen Byaruhanga UIA [email protected]
125 Doreen Mugisha PWC [email protected]
126 John Kipkembo SBS [email protected]
127 Michael Strain Clyde & Co [email protected]
128 Samson Kiza Asigma [email protected]
129 Elizabeth Rumanyike
130 Nicole DeMarsh OCA [email protected]
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131 David Gonahasa Roundbob 132 Miriam Magala Uganda Insurance Association [email protected]
133 Douglas Mulondo Psco Uganda Ltd [email protected]
134 Samuel Mukisa Zomeka Investments Ltd [email protected]
135 Abel Odongo Dokolo Trinity Rural Electrification [email protected]
136 Joshua Musasizi The Icon Magazine [email protected]
137 Tony Kizibwe Ruby Business Solution [email protected]
138 Keith Kalyegira CMA [email protected]
139 Alex Kimaani USAID E.A Trade Investment hub [email protected]
140 Angoku Sarah Martha Uganda Investment Review [email protected]
141 Samuel Nduga [email protected]
142 Nonnie W. Bukbidge EAVCA [email protected]
143 Stella Muwanjuzi Nutrition Options [email protected]
144 Jemba Chwa Lawrence URA [email protected]
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145 Yassin Magombe Addie Consulting Solutions [email protected]
146 Donald Byamugisha Amagara Skirtcare [email protected]
147 Mash Washer Mal/Negabart [email protected]
148 William Kyamuhagire Makerere University [email protected]
149 Bwanika Daniel SIUP [email protected]
150 Liz Mwanga USAID E.A Trade Investment hub [email protected]
151 Peter Mulira UIA 152 Damalie Mukiibi FINCON Africa damalie.mukiibi@
153 Paul Wasirwa WANA Solutions [email protected]
154 Grace Nakidde UTB2004/ Seychelles [email protected]
155 AKOS zold FOL [email protected]
156 Aaron Kirunda Enjuba [email protected]
157 Rogers Karebi Uganda Business Process
Outsourcing Assoc [email protected]
158 Kalema Calm Emmanuel
E4IMPACT [email protected]
159 Flavia Kajumba Orel Vine Int Academy [email protected]
160 Piloys Innocent [email protected]
161 Yudaya Kadondi Uganda Development
Corporation [email protected]
162 Andrew Masinde Rocksoft Consults [email protected]
163 Assumpta Marix Katusiime
One Health [email protected]
164 Lorika Godfrey Aloe Cure (U) LTD [email protected]
165 P.V Sreedhara Redd Zironiumexim (U)Ltd [email protected]
166 Andrew Luzze USAID EATIH [email protected]
167 Patrick Byabakama K UIA [email protected]
168 Apuuli Babigumira EAC [email protected]
169 Paul Nyangabyaki Cradle Communication [email protected]
170 Gloria Omaswa Cradle Communication [email protected]
171 Frank Sebbowa UIA 172 Ann Muhangi Wholesome [email protected]
173 Rehema Nakirya MMAKS Advocates [email protected]
174 Tshepo Dhlamini African Alliance [email protected]
175 Norman Mulira MMAKS Advocates [email protected]
176 Doreen Esaete URSB [email protected]
177 Tobias Karekaho UIA [email protected]
178 Livingstone Mukasa Mazima Retirement Plan(CIIS) [email protected]
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179 Odongo Walter Prime Development Consult [email protected]
180 Oriman Julius Psco Uganda Ltd [email protected]
181 Richard Mubiru CICS MFPED [email protected]
182 Charles Okwalinga UPEF [email protected]
183 Jackie Namatovu UIA [email protected]
184 Ancez Bwire ANCYWAX [email protected]
185 Dr. James Kanyije KK Fords [email protected]
186 Eria Kaweireku UIA [email protected]
187 Emmanuel Erem UIA [email protected]
188 John Nyakatura William African Alliance [email protected]
189 Samuel G. L Balagadde ICIC Fresh Produce Exporters [email protected]
190 Veronica Nalwoga UIA [email protected]
191 Barbara Akello African Alliance [email protected]
192 Lawrence Byensi UIA [email protected]
193 Julius Kisalita Sion Travel Services Ltd [email protected]
194 Basil Ajer UIA [email protected]
195 Ssagala Joseph UIA [email protected]
196 Arnold Bagubwagye UIA [email protected]
197 Emmanuel Kabaale UIA [email protected]
198 Wilbrod Owor UIA [email protected]
199 Faith Ekudu Uganda Insurers Association [email protected]
200 Jooga Kawule USSIA [email protected]
201 Lydia Nakayenze Schubert
Fraunhofer IZI Leipzig, Germany
202 Mark Turyamureba MMAKS Advocates [email protected]
203 Leslie Mutumba UIA [email protected]
204 Lilian Katiso Traidlinks [email protected]
205 Mary Kyoratungye Corporate Links Ltd [email protected]
206 Catherine Kahubire UIA [email protected]
207 John Walugembe USSIA [email protected]
208 David Kamukama ICCO [email protected]
209 Jaap Veeboon ICCO [email protected]
210 Shieila K Mugyenzi UIA [email protected]
211 Kenneth Legesi Deloitte [email protected]
212 Mulungi Sseruno Deloitte [email protected]
213 John B Capital Food Ventures [email protected]
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214 Keviri Asinde Amani International [email protected]
215 Esther Kamiza Starcafe [email protected]
216 Mohammad Charara Hariss International Riham [email protected]
217 Takoba Hellen Sarah URA [email protected]
218 Hajara Nabasirye Destinations Tour& Travel [email protected]
219 Diana Kemigisha Clinicmaster International [email protected]
220 Patrick Sempijja Stanlib Uganda [email protected]
221 Mark Karamira SPE Taxi Cab [email protected]
222 Sam Kijjambu Coleon Group [email protected]
223 Hamiidah Namukasa UICC [email protected]
224 Ronald Mwesigwa Nakitende M Brighter Monday [email protected]
225 Marion Nakitende Talent ins Skill [email protected]
226 Ronald Kidasa Great Lakes Uganda Lodges [email protected]
227 Priscilla Nassimbwa CEO Summit [email protected]
228 Alaisha Ndagire TASI [email protected]
229 Muhamad Manaffa ENEMBA/ PSFU [email protected]
230 Patrick Bitamazire URA [email protected]
231 Richard Olet Pule F. U. L [email protected]
232 Herbert Gudugwa Precious Moments [email protected]
233 Jane Ndungu KCB 234 Brian Kavuya Asigma Capital [email protected]
235 Asuman Mukiibi Islamic Chamber of Commerce & Industrty [email protected]
236 Davis Baasha BIDNETWORK [email protected]
237 Lugoloobi Francis Parkwood International [email protected]
238 Allan Rwakatenga IWI [email protected]
239 Innocent Dankaine Uganda Securities Exchange [email protected]
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 [email protected]
244 Micheal Onyait Victory Partnership Maize Processing& Supply
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14. Photo gallery
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