Uganda to sell off stake in UTL to cover debts

19 Dec 2017

The government of Uganda is looking to sell off a stake in struggling fixed and wireless operator Uganda Telecom Ltd (UTL) in order to pay off debts. Earlier this year the telco was renationalised, with the state assuming control of a 69% stake from Libyan firm LAP GreenN, which is itself part of the Libyan Post, Telecommunication and Information Technology Holding Company (LPTIC). The government blamed the Libyan shareholder for failing to invest in UTL.

According to a report from The Independent in Kampala, eleven foreign investors from Europe, China, South Africa and the US have expressed an interest in acquiring a stake in the telco. Otaremwa Otuhumurize, the overseer representing UTL’s administrator, the Uganda Registration Services Bureau, said that the proceeds from the sale would be used to pay creditors. UTL has debts of UGX533 billion (USD146 million), 30% of which is owed to LPTIC and 39% to Ugandan agencies including the Uganda Revenue Authority and the Uganda Communication Commission (UCC).

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