Uganda Telecom Denies Buy-Out By Libyan Firm
Uganda telecom (utl) has denied media reports that claimed Libya Africa Portfolio's (LAP) Green Com had acquired majority shares in the telecommunications company.
"This is not factual. Uganda telecom has not been acquired by LAP or any other entity," a statement signed by Mark Kaheru, the company's marketing communications officer, stated.
"UCOM, one of the major shareholders in uganda telecom, is selling part of its shareholding and is in negotiations. Nothing has been concluded," Kaheru added. "In case of any change of shareholding, we shall divulge all the information to you. However, we do not wish to comment on any bids now," he said.
Last week, sources disclosed that Green Com, the investment arm of the Libyan government, had acquired 51% shares in utl after buying out UCOM.
Sources said Green Com plans to invest a substantial amount of money in expanding the company and improving services. UCOM is the consortium that owns a 51% stake in utl. The remaining shares are owned by the Government.
Following the passing of the Communications Act in 1997, the Uganda Communications Commission (UCC) was established. Subsequently, Uganda Posts and Telecommunications Corporation was divided to four entities, UCC, Uganda Post Limited, Post Bank and Uganda telecom.