Overview:
UTL has been under administration since 2017 when the former Libyan owners Cameo Technologies opted out.
Uganda Telecommunications Corporation Ltd has finalised the acquisition of Uganda Telecom in a deal worth Shs256 billion and $15.6 million for both local and foreign assets.
UTCL is 100% owned by the government of Uganda, with the Minister Of Finance holding 60% and the Minister of ICT & National Guidance, holding 40% UTCL gave an offer to the administrator.
UTL has been under administration since 2017 when the former Libyan owners Cameo Technologies opted out.
Speaking at the handover on Friday, Evelyn Anite, the state minister for privatisation and investment, described the handover as a milestone.
“This redevelopment of the company will help in the provision of the youth out there with no job, this will help them to get employment opportunities.”
She said that UTL has a huge client base of ministries, agencies, and departments in addition to a 9.13% shareholding in West Indian Ocean Cable Corporation (WIOCC). She urged UTCL to make use of this clientele to succeed with its new assets.
Dr. Grace Ssekakubo, the Chairman Board of Directors, UTCL, noted that the Board that he heads was appointed 3 months ago, and it has worked relentlessly to put UTCL in a position to be able to receive the Assets and Business of UTL and ensure business continuity.
“This redevelopment of the company will help in the provision of the youth out there with no job, this will help them to get employment opportunities.”
Evelyn Anite, the state minister for privatisation and investment,
“I am privileged to lead this team of patriotic and dedicated Ugandans with a special assignment to deliver to Ugandans.”
“This Board knows what Uganda needs because we are the Uganda. We know what the public wants because we are part of the public. Uganda needs affordable and reliable access to secure telecom and related services across the country. The public wants value for money,” he added.
UTL administrator Ruth Sebatindira said effective November 30, UTL will cease to employ anyone and former employees are free to seek new terms with UTCL or employment elsewhere. The new terms come into effect on December 1.
Uganda Telecommunications Corporations is expected to fully launch in February next year, though the company will remain under administration for eight months, as issues relating to debt still linger over the company.