Regulatory Alerts2003-01-01
Added · Updated
The Capital Markets Corporate Bond Guidelines, 2003
The Capital Markets Authority requires corporate issuers to maintain paid-up share capital and reserves of at least Uganda shillings one billion, or obtain a financial guarantee if this threshold is not met. Issuers must demonstrate profits in at least two of the last three financial years, keep total indebtedness at or below 400% of net worth, and maintain a weighted average funds from operations to total debt ratio of 40% or more. The minimum issue size is set at Uganda shillings five hundred million with lots of no less than Uganda shillings one hundred thousand. Issuers must submit an information memorandum, an accountant’s report covering three years, and a 12-month cash flow projection, while also fulfilling ongoing obligations to submit half-yearly unaudited and annual audited financial statements and publish accounts in a national newspaper.
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