UGANDAN GOVT TO SELL 49% OF UTL SHARES

Mergers, Acquisitions and Financial Results

The Government has invited consultants in investment banking to evaluate the value of its 49% shares in uganda telecom (utl) ahead of listing the firm on the Uganda Securities Exchange (USE), the Privatisation Unit's (PU) spokesperson, Grace Achire, has said.

"After divesting 51% of its shares in 2000, the Government wants to sell the remaining 49%," Achire said. She said the sale of the shares was a good investment and more Ugandans should seize the opportunity to own part of the country's jewels.

"Once a person buys shares in a solid firm like this, it is easier to get a loan from banks than a person with a land title," Achire said on Monday.

The PU advert calling for "Investment Banking Services for the Initial Public Offer of the shares of uganda telecom Limited," says it is the most experienced telecommunications company in Uganda and has assets worth over USD100m (sh179b) by December 2003.

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