By Silvia Nyambura
The shareholders of Uganda Telecom (UTL) have come up with a plan to revive the company. Over the next 60 days, UTL will be recapitalized with an un-revealed amount of money in a bid to regain its competitive edge. Owned 69% by Libyan firm LAP Green and 31% by the government of Uganda, the company has over the last 3 years been struggling with outstanding debts and cash flow issues.
The revival plan was revealed at a closed door shareholders meeting held in Kampala recently. Attendees included a Libyan delegation led by Libya’s Minister of Foreign Affairs Mohamed Al-Dairi and LAP Green Group CEO Mr. Wafik Al-Shater. The delegation from the Government of Uganda on the other hand was led by the Minister of State for Finance (Privatization), Hon. Aston P Kajara.
Speaking during the meeting, Al-Shater said, “As shareholders, we are aware of the challenges faced by UTL and this is the reason we are meeting. UTL is a company with enormous potential and we would like to take this opportunity to thank the Management and Staff who have been creative and tenacious in ensuring the company remains competitive. We are very pleased with the progress made and are hopeful that we will be able to revitalize the telecom.
