Uganda May Sell 40% Stake in National Insurance Next Month

By Fred Ojambo

June 28 (Bloomberg) -- Uganda's government will probably sell its 40 percent stake in National Insurance Corp., the country's fourth-biggest insurer, next month on the local stock exchange.

The company is preparing the prospectus for investors, Simon Rutega, chief executive officer of the Uganda Securities Exchange, said in a telephone interview from the Rwandan capital, Kigali.

National Insurance, established in 1964 as a wholly government-owned company, had assets of more than 26 billion Ugandan shillings ($14.3 million) in 2004, according to the state- run Privatization Unit. Uganda sold 60 percent of the company to Nigeria's Industrial and General Insurance Co. in 2005.

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