The bidding process to sell shares in the insolvent Uganda Telecom Limited has so far attracted five multinationals with President Yoweri Museveni okaying his ministers to take up 56% of the company.
“It is still premature to predict the percentage that Government will retain in UTL but what you should know is that we are doing everything possible to revamp the company,” said Frank Kagyigyi Tumwebaze, Minister of Information Technology and Communications.
The Uganda government sold to and later grabbed UTL from the Libyan Post, Telecommunications, and Information Technology Company (LPTIC) who through UCOM, owned a 69 per cent stake in UTL.
It has been disclosed that Museveni nodded to the proposal of raising government shareholding in the company from the previous 31% to 56% on Friday when he met his ministers including Tumwebaze, the finance minister Matia Kasaija, Investment minister Evelyn Anite, Keith Muhakanizi the secretary to the Treasury and the current UTL management from Uganda Registration Services Bureau (URSB).
Minister Anite also revealed that the licence of URSB has been extended for another six months, but beyond that the best thing would be to get buyers of UTL.
She said that it is after zeroing on an investor that negotiators will discuss “who takes what shares”.