Centenary Rural Development Group Limited (“Cente Group”) informs its shareholders, customers, partners, stakeholders and the general public that it has successfully completed a corporate reorganisation.
On 13 March 2019, the shareholders of Cente Group resolved to undertake a corporate reorganisation through the establishment of a group structure now in place. Cente Group is to comprise of a non-operating holding company and several subsidiaries, including a new banking subsidiary.
As part of the reorganisation process, the following key actions were undertaken with Bank of Uganda approval.
Consequently, the day-to-day banking operations will continue as normal under the subsidiary Bank. The reorganisation will have no impact on employees, customers, and clients, and the same level of service that has been offered in the past will continue under the Bank.
The creation of a group structure is a landmark achievement for Cente Group and its shareholders and offers a route through which Cente Group can expand to other activities, which will operate alongside the banking business. The Directors of both Cente Group and the Bank expect that the reorganisation will benefit the shareholders in the form of enhanced returns as well as provide customers and the general public a broader spectrum of financial services through an expanded portfolio. Crucially, the reorganisation will allow Cente Group to optimally achieve its social mission, attain operational efficiencies and enjoy the benefits of diversification.
PROF. JOHN DDUMBA SSENTAMU