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Uganda transfers UTL assets to UTCL

21 Nov 2022

The government of Uganda has transferred the assets of Uganda Telecom Limited (UTL) to the state-owned company Uganda Telecommunications Corporation Limited (UTCL). UTCL is 60% owned by the Ministry of Finance, Planning and Economic Development and 40% by the Ministry of ICT and National Guidance. The firm was established in April 2021 when UTL went into administration, and in February this year signed an asset sale agreement to take over the business of UTL. With effect from 1 December all UTL employees will transfer to UTCL.

UTL was part-privatised in 2000 and in 2007 Libyan investment vehicle Libya Africa Portfolio Green Network (LAP GreenN) took control of a 69% interest in the telco. By 2017, however, UTL was struggling to stay afloat and the Ugandan government announced that it would take control of the firm in an effort to revive its fortunes. A report from PML Daily says the management of UTCL now plans to offer improved mobile money and broadband services to help turn the business around.

Uganda, Uganda Telecom Limited (UTL)

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