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Shareholders of Quality Chemical Industries approved a $51 million credit package from Stanbic Bank. It is a move that signals both expansion ambition and underlying financial pressure. This was at…
In 2021, Ajay Kumar Pal became CEO of Cipla Quality Chemicals, now QCIL. He displayed a calm resolve of someone used to pressure. He wasn’t just walking into a leadership role—he was walking into a storm. QCIL, once considered one of Uganda’s most promising pharmaceutical exporters, was in trouble. Covid-19 had scrambled global supply chains, making it harder—and costlier—to move goods. But QCIL’s biggest blow came not from the virus, but from Zambia. For years, the Zambian government had been a key buyer of QCIL’s life-saving drugs. But by the time Kumar took over, those payments had dried up. QCIL…
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Trading in the second quarter of 2020 registered a tremendous decline as Uganda’s equity markets continued to feel the impact of the COVID-19 pandemic. “While the ultimate growth outcome is still uncertain, and an even worse scenario is possible if it takes longer to bring the health crisis under control, the pandemic will result in output contractions across the vast financial markets,” reads an excerpt from the periodic report. It further states that, although Uganda is gradually easing the lock down measures instituted to contain the spread of the pandemic, the adverse consequences of the global impact of the pandemic on financial markets could persist through the remaining part…
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