News dalla rete ITA

23 Novembre 2022

Uganda

UGANDA-GOVERNMENT TAKES OVER HISTORIC OPERATOR UGANDA TELECOM LIMITED

UGANDA - The state-owned Uganda Telecommunications Corporation Limited (UTCL) has finalized the acquisition of the historic operator Uganda Telecom Limited (UTL), which has been in difficulty for some years, in a deal valued at around 356.8 million Ugandan shillings ($95.5 million). From the trade press we learn that the handover ceremony between the administrations of the two companies took place on Friday. With the acquisition of UTL, UTCL inherits the company's assets, including land, buildings and network infrastructure. The firm also inherits UTL's personnel and liabilities. “We now have a company that is 100% Ugandan and the president [Yoweri Museveni, ed] has ordered it to be run as a national company without involving investors,” said Evelyn Anite, Minister of State for Investment and Privatization. Agence Ecofin recalls that on 1 March 2017 the Ugandan government had revealed for the first time its intention to nationalize Utl, of which it controlled only 31% of the shares at the time. The company was the subject of a dispute between Kampala and the company's majority shareholder, Libyan Lap Green, which controlled 69%. The two sides accused each other of mismanagement that caused the UTL to go bankrupt. The Lap Green then decided to suspend all financial support to the incumbent president, before being definitively sacked by the government. After Lap Green's exit from UTL's capital, the government began studying ways to revive the incumbent operator with the introduction of a new investor. A process started in May 2018 had led to the selection of Teleology Holdings to acquire the majority stake in the operator Utl, but was later cancelled. Kampala has also been considering waiving UTL liabilities to expedite the sale of the company. It is against this backdrop that Uganda Telecommunications Corporation Limited was formed in April 2021. (ICE ADDIS ABEBA)


Fonte notizia: infoafrica