Vodafone Uganda, cannot pay its debts in excess of UGX 195 billion. With accumulated losses reaching well over UGX 170 billion, riled shareholders have cut off the money taps, leaving them with an only option of resorting to courts for protection against creditors as they figure out what to do next. But is this enough to make them survive 2018?
Barely four years after its ‘pomp and colour’ entry into the Uganda with a promise to shake down the market, Vodafone Uganda, besieged by debts, measly sales and a not-so-bright future, has filed for insolvency protection.
In a press announcement in local media, Afrimax Uganda Limited, the holding company for Vodafone Uganda, announced that it had, under The Insolvency Act 2011 and The Insolvency Regulations 2013, filed for insolvency and proceeded to appoint a provisional Administrator.
“Take notice that on the 15th of February 2018, the High Court of Uganda (Civil Division) issued an Order confirming the appointment of Mr. Donald Nyakairu as the Provisional Administrator of Afrimax Uganda Limited and an Interim Protective Order was granted to the Company for a period of three (3) months pursuant to Section 139 of the Insolvency Act, 2011,
