• EDITORIAL POLICY
  • ABOUT US
PML Daily
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home BUSINESS

Government starts search for new UTL investor

NINSIIMA JULIAN ?PML Daily CorrespondentbyNINSIIMA JULIAN ?PML Daily Correspondent
April 20, 2019
6 0
5
SHARES
91
VIEWS
FacebookWhatsAppTwitter
The revamping of Uganda Telecome Limited (UTL) suffers a setback as Taleology, a Nigerian telecom company pulls out. (PHOTO/FILE)

KAMPALA – The government is searching for a fresh investor to take up Uganda Telecom’s (UTL) operations, after partying ways with Taleology, a Nigerian telecom company.

According to the State Minister of Finance for Investment and Privatisation, Evelyn Anite, the Cabinet is now looking for a new investor to take up UTL after Nigeria’s Taleology did not honour its part of the bargain.

In October 2018, the Cabinet handed UTL to Taleology, bringing an end to a competition for the state-owned telecom now branding itself as an ICT network.

Ms. Anite said Taleology did not honour its part of the deal which was to make a non-refundable 10 per cent payment, in this case, USD 7 million within a month from the date of the offer and then the balance three months later.

That was over six months ago. Under the deal, Taleology would own 67 percent shares while the government remains a minority shareholder.

Then, although Taleology was found to be the fittest company to take over UTL, Ms. Anite believed that the state-funded Mauritius Telecom was the most qualified for UTL’s operations to be handed to.

UTL, formerly under Libyan government ownership through UCOM, went under after the Libyan government, who were the majority shareholders, pulled out of the troubled telecom.

The Libyan government had a 69 percent stake in UTL while the government of Uganda held 31 percent.

Related

Leave a comment

Tags: Evelyn AniteTaleologytopUCOMUganda Telecomutl

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Advertisement

About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us



  • EDITORIAL POLICY
  • ABOUT US

© 2022

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2022

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist