Buildings material company Uganda Clays swung to a first-half loss in the first six months of the year as “frequent machinery breakdown[s]” dented production and resulted in lower sales.

British American Tobacco Uganda (BATU) said Friday that first half net profit fell 2.1 per cent from a year earlier, due to a decline in sales.

Airtel Uganda will offer free shares to investors participating in its Sh31.3 billion initial public offer (IPO) which opened on Wednesday, in an effort to spur uptake of the shares.

Airtel Uganda will list 8 billion or 20 per cent ordinary shares on Uganda Security Exchange (USE) secondary market through a public offer before the regulatory deadline of December 16.