UGANDA GOVERNMENT IS NOT SELLING ITS UTL SHARES

Mergers, Acquisitions and Financial Results

The Government is not selling its shares in uganda telecom (utl), a statement from the information and communications technology (ICT) ministry has revealed.

"We wish to clarify that Ucom, a private investor with 51% shares in uganda telecom, is in the process of selling its shares. The Minister of Information and Communications Technology, Dr. Ham Mulira, clearly pointed out that it is not the Government's 49% shares which were being sold, but those of Ucom," read the statement.

Dr. David Turahi, the acting director for communications in the ICT ministry, said a sale of the Government's 49% shares would be handled by the finance ministry not the ICT ministry. Turahi refuted media reports that claimed Mulira said Ucom had not followed the right procedures as they sell their shares. Utl is one of the few remaining organisations in which the Government still has shares since privatisation started.

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