UTL receives shot in arm from NSSF

21 Aug 2003

The Ugandan government has given clearance for the country’s National Social Security Fund (NSSF) to invest USh29 billion (approximately USD15 million) into private telco Uganda Telecom (UTL). The government privatised UTL in June 2000 by selling a 51% stake to a strategic equity partner, Ucom, for USD33.5 million. Ucom comprises mobile operator Telecel (20%), Egyptian conglomerate Orascom Telecom (60%) and the German consultancy Deutsche Telepost Consulting (Detecon) (20%). When the consortium took control, the licence it received came with a condition to invest USD110 million and increase the number of fixed lines to 100,000 within five years.