Engoru, Mutebi Advocates

The Firm is recognised as one of Uganda’s leading corporate and finance practices, with a strong reputation across corporate, M&A, projects, energy, capital markets, and banking and finance. It is particularly well known for its work on complex and innovative transactions, including sovereign-linked financings and capital markets structures. The team is regularly instructed on matters that shape market practice, combining technical excellence with a clear understanding of regulatory and commercial realities.

Over the past year, the Firm advised New Vision Printing and Publishing Company and Dyer & Blair Investment Bank on a novel capital raise by way of preference share issuance, the first transaction of its kind in the market by a listed company on the Uganda Securities Exchange. The Firm also continues to advise CIPLA QCIL on addressing its public float deficiency. These matters underline the Firm’s central role in the development of Uganda’s capital markets and its ability to deliver novel solutions within a regulated context. The Firm also has a strong cross-border M&A capability. as evidenced by its recent advice to Marubeni Corporation on its acquisition of Phillips Pharma, a transaction spanning across six jurisdictions. In the private credit sphere, the Firm is frequently instructed on innovative and development-focused transactions. It advised Medical Credit Fund on structuring financing solutions aimed at improving access to healthcare in Uganda’s pharmaceutical and hospital sectors.

The Firm also acted on a landmark factoring facility for Financial Access Commerce and Trade Service from African Export-Import Bank, believed to be one of the first DFI-backed factoring line extended to a Ugandan entity. On the energy and renewables front, the Firm advised Sustainable Energy Africa in relation to the development of Uganda’s distributed generation and net metering framework, including preparing a regulatory report for stakeholders and reviewing proposed utility requirements governing licensing, system size limits, grid integration, technical standards and inspection regimes. Furthermore, the Firm played a key role in facilitating Uganda Electricity Generation Company Limited’s negotiation of a USD 7.5 million loan from Afri-Exim Bank to finance the construction of Nyagak III Hydro Project in Zombo District. On the Disputes front, the Firm received instructions from DFI Foods Sourcing and DFI International in a EUR 6 million cross-border commercial dispute arising from alleged breaches of long-standing joint business arrangements with a Ugandan counterparty.

The Firm has very impressive credentials in project finance as demonstrated by its assistance to Standard Chartered Bank on a USD 275 million loan facility, with on ongoing structuring efforts throughout the year. Additionally, the Firm advised UK Export Credit Agency on an amendment to a Facility agreement relating to EUR 270,266,043 million term loan facility in relation to the construction of Kabale Airport.

Other high value transactions and disputes work stream include:

• Standard Chartered Bank PLC on a Euro 258,9000,000 EKN (Swedish Export Credit Agency) backed term loan facility and a tied commercial term loan facility for the Government of Uganda through the Ministry of Finance, Planning and Economic Development in relation to the construction and upgrade of 72.7km of tourism roads in the south of the country.
• Métier Capital Growth Fund III MU Investments on a transaction involving the advancement of USD 32,500,000 to a Mauritian company (Watu Holdings Limited), in consideration for the issuance of preference shares to MCGF III MU Investments.
• EQT Fund Management on the Ugandan regulatory framework for cross-border marketing of a foreign investment fund, including investor eligibility requirements, reverse solicitation considerations and related reporting obligations.
• Financial Access Commerce and Trade Services (Uganda) Limited on a Factoring Line of Credit from the African Export-Import Bank.
• Medical Credit Fund on a USD 1.2 million equipment and construction financing for Ryan Health Care Limited.
• Standard Chartered Bank in its role as mandated lead arranger, structuring bank, social loan coordinator and agent with respect to EUR 312,180,000 commercial loan to the Government of Uganda, represented by the Ministry of Finance, Planning and Economic Development for the construction of the Karuma – Tororo Circuit 400kv transmission line and associated substations, and the Ntinda 132kv substation in Uganda.
• Successfully representing Geo Tech Uganda Limited, a leading Geotechnical Solutions company in the Great Lakes region covering Uganda, Rwanda, Burundi, Sudan and Congo on a contractual dispute brough against an O & M company regarding remedial works carried out on the largest dam project in Uganda.

The practice is led by a strong and increasingly deep bench of lawyers. Arnold Lule Sekiwano is widely recognised for his work on banking, capital markets and complex financings and is frequently noted for his commercial judgement and technical precision. Dr Ivan Engoru is a key figure in the Firm’s corporate disputes, construction and employment practice. The Firm is also developing a new generation of specialists. Ritah Nakalema is emerging as a notable practitioner in risk and compliance, advising on governance, regulatory frameworks and internal controls. Timothy Kajja is developing a strong reputation for his work across technology, media and fintech matters, particularly at the intersection of regulatory and commercial issues.Evelyn Maria Nakigudde is an associate in the corporate department who supports a broad range of the Firm’s transactions, contributing across corporate, financing and regulatory matters.