Uganda Telecommunications Corporation Limited (UTCL)—the newly formed government-owned telco is expected to, this Friday, November 18th, 2022, take over the assets of the now insolvent Uganda Telecom. Uganda Telecom was previously owned by the governments of Libya and Uganda. UTCL the new owner of Uganda Telecom is 60% owned by the Ministry of Finance, Planning and Economic Development (MoFPED) and 40% by the Ministry of ICT and National Guidance (MoICT&NG). UTCL was incorporated on 8th April 2021 and on 23rd February 2022, entered into an Asset Sale and Purchase Agreement to buy the assets- and not debts and or liabilities…
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In the period leading to the 2011 fall and subsequent death of Libyan Leader, Col Muammar Muhammad al-Gaddafi in October 2011, Uganda Telecom was a promising company. The previously state-owned telco was spun-off Uganda Posts and Telecommunications Corporation (UPTC) in the 1999 unbundling that also created Post Bank Uganda and Posta Uganda Limited. In June 2000, the Government of Uganda (GoU) sold a 51% stake for USD33 million to Ucom, a consortium backed by Swiss-registered Telecel International, Germany’s Detecon and Orascom of Egypt. To catch up with the rest of the players at the time, Uganda Telecom in 2000 launched…
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Uganda Telecom, the troubled former Libyan and Ugandan governments-owned telco has been sold to a newly formed Uganda government telco at UGX316.4 billion, CEO East Africa Magazine can exclusively reveal. The sale follows failure by Uganda telecom’s to pay its debts- amounting to over UGX668 billion, prompting it to be entered into insolvency, and subsequently progressed into administration in April 2017. Before being entered administration, Uganda Telecom Limited (UTL) was 69% owned by Ucom, a Libyan government company and 31% by the government of Uganda (GOU). Following the 2011 overthrow of then Libyan President, Col Muammar al-Qaddafi, and the subsequent…
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Government has resolved to increase PostBank’s authorised share capital by 400% from UGX100 Billion to UGX500 Billion. For customers, this means that access to low-priced financing would further be enabled while the Bank will benefit in terms of reduced cost of operations. The move was revealed to the press Evelyn Anite, the Minister of State for privatisation and Investment after a closed-door Annual General Meeting held on August 23, at the Ministry of Finance, Planning and Economic Development in Kampala. Hon. Anite lauded PostBank for attaining Tier One status and congratulated the new Board and Management for reviving the bank’s…
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The President of Burundi Evariste Ndayishimiye has hailed Ugandan investors for working hard and invited them to invest and trade with Burundi. President Ndayishimiye made the remarks after a tour of the new state-of-the-art Picfare Industries plant in Kampala Industrial and Business Park, Namanve, where he was showed products ranging from scholastic materials to apparels. The Burundian President said he has witnessed first-hand Uganda’s investment environment and seen how hard the investors are working and invited them to consider Burundi as a destination for trade and investment. He noted that Burundi has vast investment opportunities in sectors such as agriculture,…
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President Yoweri Museveni has said that UGX1 trillion of the UGX1.9 trillion loan obtained from the International Monetary Fund (IMF) will be injected in the Uganda Development Bank (UDB), to enhance the country’s production capacity. Museveni said Uganda has enough raw materials to feed industries for production of commodities rather than continue relying heavily on imports, which he said were unsettling the economy, especially during crisis, like the covid-19 pandemic and UDB would finance this value-adding process. Early in May, the IMF approved USD419.5 (UGX1.9 trillion) for Uganda under the Rapid Credit Facility to address the ‘urgent balance of payments…
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In a bid to increase investment, the Uganda Investment Authority (UIA) has acquired a total of 78.2 hectares of land at Oraba, in Koboko district for the development of Oraba Industrial park. The park is strategically located in an area that is suitable for investors targeting to manufacture goods for Uganda and export to DR Congo, South Sudan and Central African Republic among other regions. Koboko district is located on the extreme corner of northwestern Uganda, its bordered by South Sudan in the north, Yumbe district in the east, DR Congo in the west and Maracha district is the south….
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