Ugandan energy distribution company Umeme says its majority shareholder Actis is set to sell a significant part of its stake in the power firm.

“Umeme hereby announces… one of its major shareholders Umeme Holdings Limited, wishes to sell a significant portion of the shares it owns in Umeme to selected investors by way of private placement,” local news platform, Business Daily quoted Umeme as saying in a statement.

Umeme Holdings Limited, a subsidiary of Actis Infrastructure holds a 60.08 percent stake in Umeme.

The power vendor therefore suspended trading of its shares on Tuesday on the securities exchanges of both Uganda and Kenya following the disclosure of Actis planned shares sales.

The sale will make it a second time private equity firm, Actis is selling shares in the power company it invested in in 2005, in less than two years, after selling 39.92 percent on Uganda Securities Exchange (USE) in 2012.

Actis confirmed it has found buyers for its remaining 60.08 percent shareholding in Umeme, but declined to declare the names of the buyers or the price they are paying for the shares.

The UK-based firm however promised that details of the deal would be announced once a conclusion is reached as corporate governance restrictions does not permit Umeme to give details until the completion of the transaction.

Actis reassured customers, shareholders and employees that the proposed deal will not adversely affect Umeme’s operations or commitments “under its respective licences and agreements”.