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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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As per the insolvency law, the biggest chunk of the proceeds will go towards paying bank loans, statutory obligations, pensions arrears of former Uganda Posts and Telecommunications Corporation (UPTC) staff, administration fees and other employee related costs. Very few of private sector, creditors will be paid. As if this is not bad enough, of the total UGX316.4 sale price, the government (UTCL) has only paid about UGX75 billion and has so far failed the 30th of September 2022 deadline to pay the remaining UGX241.6 billion. Of the UGX75 billion paid so far, UGX13,886,681,657, inclusive of taxes has gone to the…
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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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