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The appointment of Jones Muhumuza as Acting Managing Director of Uganda Clays Limited marks a decisive shift in emphasis at one of Uganda’s oldest industrial companies. Coming at a time of sustained losses, rising finance costs, and heightened board scrutiny, Muhumuza’s elevation signals a clear pivot toward capital conservation, financial discipline, and return-on-investment accountability. Unlike his predecessor, Muhumuza is not a turnaround outsider parachuted in at a moment of crisis. He is a long-serving insider who has been embedded in Uganda Clays’ financial engine for nearly six years, having joined the company in March 2020 as Acting Head of Finance—a…
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The Managing Director of Uganda Clays Limited, Reuben Tumwebaze, has resigned, bringing to a close a nearly five-year tenure (March 2021–January 2026) defined by heavy capital investment, uneven operating results, and a return to sustained losses. Multiple sources indicate that the resignation was not entirely voluntary, but came under mounting pressure from the Board, amid growing concern over the company’s financial trajectory. Tumwebaze’s exit comes against a stark numerical backdrop. During his tenure, Uganda Clays’ total asset base expanded sharply—from UGX 62 billion in 2019 to UGX 78.7 billion by mid-2025—reflecting an aggressive investment and capacity-building programme. However, profitability peaked…
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MTN Uganda has officially announced a landmark proposal to structurally separate its mobile money and fintech operations from the core telecommunications business, a move set to redefine the company’s financial services footprint in Uganda and align to the Group’s Ambition 2025 strategy. The proposed transaction, to be tabled for shareholder approval during an Extraordinary General Meeting (EGM) on Wednesday, July 2, 2025, involves the amalgamation of MTN Mobile Money (U) Limited (MTN MoMo) into a newly created entity, MTN New FinCo, which will become the surviving company. Once complete, MTN MoMo will be deregistered from the companies register, and MTN…
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Stanbic Uganda Holdings Limited (SUHL) has once again proven its financial strength, posting a record net profit of UGX 478 billion in 2024, up from UGX 411.5 billion in 2023,…
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