DFCU is the second financial institution to list on the USE.
The DFCU offer of 79,509,743 shares representing a 39.97% stake in the company at a value of Ushs 45,742,567,670 at offer price was oversubscribed and holds the record for the largest offer for sale by IPO method to date.
Key DFCU milestones
1964 Development Finance Company of Uganda Ltd is incorporated as a private limited liability company, with the initial shareholders being the GoU and CDC.
1964 DEG becomes a shareholder of Development Finance Company of Uganda Ltd
1967 Housing Finance Company of Uganda Ltd (HFCU) is incorporated, with the initial shareholders being National Housing Corporation (NHC) and CDC
1984 CDC transfers its shareholding in HFCU to Development Finance Company of Uganda Ltd IFC becomes a shareholder of Development Finance Company of Uganda Ltd
1992 The decision is made to expand the activities of Development Finance Company of Uganda Ltd into leasing and local currency lending / financing activities
1994 Uganda Leasing Company Ltd is incorporated with Development Finance Company of Uganda as lead Shareholder
1998 Development Finance Company of Uganda Ltd’s Board develops a new vision, mission statement and 3-year business plan
1999 Development Finance Company of Uganda Ltd increases its share holding in Uganda Leasing Company Ltd to 100%, which subsequently became DFCU Leasing Ltd
2000 Development Finance Company of Uganda Ltd acquires Gold Trust Bank, which subsequently became DFCU Bank Limited, and commences commercial banking
2000 Development Finance Company of Uganda Ltd changes name to DFCU Ltd
2001 DFCU Ltd commences consolidation of the audited accounts of HFCU into its Group audited accounts , by virtue of DFCU Ltd’s 50% equity interest in HFCU
2002 DFCU Ltd commences mortgage finance
2003 The GoU announces its plans to divest its shareholding in DFCU Ltd to the public by way of an IPO and listing of the Company on the USE
2003 DEG sells its 24.7% equity interest in DFCU Ltd to CDC
2003 The shareholders and Board of Directors of DFCU resolve to allow the sale of the GoU and IFC shares to the public by way of an IPO and listing of the Company on the USE
2003 DFCU Ltd sells its 50% stake in HFCU to the National Social Security Fund (NSSF)
2004 DFCU Ltd converts from a Private to Public Limited Company
2004 Initial Public Offer (IPO) of DFCU Ltd shares
Source:- DFCU Prospectus 2004