Uganda: New alternative stock exchange starts trading
It will initially focus on government debts.Alternative stock exchange ALTX East Africa has started operations in Uganda, initially focussing on government debts.
Joseph Kitamirike, the executive director of ALTX, told the Observer that Ugandans can already register on the multi-currency platform.
He said investors can buy securities such as treasury bonds and treasury bills from the Bank of Uganda and then float them on the ALTX platform.
The minimum amount to invest in treasury bonds is set at Shs10,000 (€2.70), instead of Shs100,000 through the Ugandan Stock Exchange (USE).
"We don't want money to be a hindrance; let people come and trade," said Mr Kitamirike.
He added that the platform is equipped with new technology and can close a transaction in a space of a second, instead of around three days on the USE.
The platform will eventually trade in bonds, equities, derivatives, and depositary receipts. The company plans to link to other stock exchanges, including the USE, so that investors can buy shares of listed companies.