Uganda's IPO entry signals bid for seat at Kenya Pipeline's table
While announcing participation in KPC IPO, Uganda's Minister for Energy and Mineral Development, Ruth Nankabirwa Ssentamu, said her country's investment in the utility is part of a broad plan to "ensure reliable and affordable fuel imports."
Uganda, which accounts for nearly a third of Kenya Pipeline Company's regional fuel shipments, has confirmed its participation in the KES106 billion IPO, underscoring Kampala's strategic interest in the governance of the utility in future, coming just a day before the offer closes.
In an update on Sunday, Uganda's Minister for Energy and Mineral Development, Ruth Nankabirwa Ssentamu, said her country's investment in the utility is part of a broad plan to "ensure reliable and affordable fuel imports."
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"By investing in KPC, a key player in regional petroleum transport and storage, Uganda aims to enhance supply chain stability, ensure reliable and affordable fuel imports and reinforce its strategic position in East Africa’s evolving energy landscape. This move will strengthen regional energy cooperation and will safeguard Uganda’s long-term fuel security," Ruth Ssentamu, noted on X (formerly Twitter).
Through the Uganda National Oil Company, Kenya's biggest trading partner to the West said it seeks to secure a strategic stake in this critical regional energy asset.
Late last week the KPC IPO was extended for three working days until 24th February. At the same time, authorities issued a supplementary notice, adjusting the Articles of Association to have Uganda granted rights to appoint KPC directors.
"The amendment of the articles to grant rights to the Government of Uganda, acting through its minister of energy and mineral resources to appoint at least two directors so long as they hold not less than 20 percent of the issued share capital of the company," supplementary details dated 17th January state in part.
The announcement of allocation KPC IPO results is set on 4 March 2026 followed by electronic crediting of shares to CDS Accounts and processing of refunds by 6 March 2026.
While launching the IPO, Treasury Cabinet Secretary John Mbadi said 15 percent of the shares have been reserved for oil marketers in Uganda, Rwanda and the Democratic Republic of Congo, with a further 20 percent set aside for East African Community citizens.
Listing and trading of KPC Shares at the Nairobi Securities Exchange (NSE) will start on 9 March 2026.
