By Spy Uganda
It is business unusual now as we speak at dfcu Bank Limited, after shareholders and investors started pulling out their money from the scandal-ridden bank for fear of making huge losses incase the obvious happens anytime.
According to a notice issued by dfcu on Monday December 13, 2019, one of the popular shareholders has since quit the Bank and sold his shares to another investor.
The bank’s own Notice titled CAUTIONARY ANNOUNCEMENT, quotions any dealer with the bank to do so with ‘open’ eyes lest they risk the ‘unseen’, the statement reads thus; Under Rule 38 and 40(1) of the Uganda Securities Exchange Listing Rules 2003
Dfcu Bank (the Company)advises its shareholders and the general public that a significant majority Shareholder has received and accepted an expression of interest to purchase his shareholding in the Company by another Investor, which if successfully concluded, may have a material effect on the price of the Company’s shares.”
The Notice however, which doesn’t reveal the share holder adds that “The transaction still remains subject to obtainment of Regulatory Approvals and satisfaction of all conditions precedent. Shareholders and potential investors are advised to exercise caution when dealing in the Company’s shares Until further announcement is made.”
It should be remembered that dfcu Bank has in the recent past gotten involved in several scandals, among them dubious purchase of tycoon Sudhir Ruparelia’s Crane Bank from Bank of Uganda which has been become a nightmare or a small stone in the MD’s shoes.
The Bank is also grappling with multi billion suit from the Ruparelia Group for illegally seizing 48 properties which Crane Bank had leased from Meera Investments Limited.
dfcu Bank has also been cited in numerous land grabbing scandals, especially those involving tycoon Godfrey Kirumira. Watch the space……
