TPS Eastern Africa Limited entered into a share swap agreement to acquire 79.19% stake in TPS (Uganda) Ltd from Aga Khan Fund for Economic Development and National Social Security Fund (NSSF) for UGX 50.3 billion in stock on October 12, 2012. TPS Eastern Africa will acquire 65.2% stake representing 0.09 million shares from Aga Khan Fund for Economic Development and 13.99% stake representing 0.2 million shares from NSSF. Following the acquisition, TPS Eastern Africa Limited will have approximately 79.19% stake in TPS (Uganda) Ltd. As a result of shares received as consideration, Aga Khan Fund's stake in TPS Eastern Africa will increase to 42.87%. The acquisition is subject to approval by the Capital Markets Authority and by TPS Eastern Africa's shareholders at an extraordinary general meeting to be held.

On January 11, 2013, shareholders of TPS Eastern Africa Limited approved the deal. Pursuant to the approval of the shareholders, the Board has provisionally allotted 41.25 million new ordinary shares in TPSEA to the sellers out of which 33.96 million will be paid to AKFED and the remaining will be paid to NSSF. The shares held with AKFED have been acquired and those of NSSF are still to be acquired.