By Frank Kamuntu
Kampala: TLG Capital UK has announced that it has purchased 49% of Opportunity Bank Uganda Ltd (OBUL) making the UK based Equity fund the largest shareholder with the remaining shares being owned by Opportunity International Group (43%), Faulu Uganda (7%), and Food for the Hungry (1%).
Isha Doshi, partner and Chief Financial Officer at TLG Capital said; “TLG was specifically set up to support quality SMEs, and we are excited to welcome OBUL to our family. OBUL’s products such as the Boda Boda Loan (loan product for motorcycle riders who want to acquire or expand their business), WASH (water and sanitation loans) and the education and laptop loans fit perfectly with the impact that TLG aims to create.”
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Phillip Karugaba, the Chairman of the Opportunity Uganda Board of Directors, said he was excited and pleased with the developments. “TLG Capital knows Uganda very well. We look forward to the synergies from working with TLG.”
MyBucks SA (the selling shareholder) Chairman Craig Lyons said; “The sale of OBUL to TLG, a well-respected investment company fits into our strategy of rationalizing MyBucks SA to reduce debt and ensure the company is in a financially healthy position to grow its remaining investments.”
He added, “The positive engagements between TLG and OBUL management will no doubt enable OBUL to grow from strength to strength. We wish TLG and all stakeholders in OBUL much success in the years to come.”
About TLG Capita
TLG Capital is an award-winning investment holding company that focuses on private equity and debt opportunities in Sub-Saharan Africa (SSA). Debt investments are carried out through the Credit Opportunities Fund which provides investors access to the African consumer growth story.
The company has been an investor in Uganda for over a decade and other Ugandan investments include Cipla Quality Chemicals Ltd (pharmaceutical manufacturing), Vero Foods (water-bottling plant) and BAJ Service Stations (fuel retail).
About Opportunity Bank Uganda
Opportunity Bank Uganda Limited (OBUL) is a Commercial Bank licensed and regulated by the Central Bank of Uganda, offering tailor-made products and services for Individuals, micro, small, medium and large-sized enterprises.
OBUL has a network of 23 branches and 22 ATM Points distributed in the Central, Eastern, Western and Northern regions of the country. Alternative channels include Agents distributed across the country (120 Agents) and Opportunity mobile banking system (Opportunity Kusiimu).