Arise B.V emerged as the new majority shareholder in the Development Finance Company of Uganda (DFCU) Group, with a 55% stake in the company.
In a statement released by DFCU earlier today, NorFinance SA – a Norwegian private equity – and the Dutch Rabobank completed the process of transferring their shares into Arise B.V. The two, each had 27.5% equity shares.
Arise B.V was established in August 2016, as a partnership between NorFund, FMO and Rabobank that would focus on investing in Africa. In February this year, Arise BV acquired a 27.7% stake in Ghana’s CAL Bank.
The National Social Security Fund is the largest local investor in the company, with a 5.9% stake.
DFCU released financial earnings for the year ended December 2016, with the company registering a 28.4% growth in after-tax profit to UGX 45.325 billion.
dfcu Limited was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited.