The shareholders of Uganda Telecom, order http://chuckatuckhistory.com/wp-content/plugins/woocommerce/includes/class-wc-product-simple.php LAP GreenN and the Government of Uganda held closed door meetings strategizing on a way to capitalize the company and revive its competitiveness and market share, http://commongroundwi.org/wp-admin/includes/taxonomy.php Chimp Corps report.
This followed a warning from Uganda Communications Commission (UCC) that the struggling telecom company could be shut down for reneging on its financial commitments.
The delegation from LAP GreenN was accompanied by Mr. Wafik Al-Shater, http://deltadiner.com/wp-content/plugins/woocommerce/templates/checkout/thankyou.php Group CEO while Government of Uganda was represented by officials led the Minister of State for Finance (Privatization), Hon. Aston. P. Kajara.
Al-Shater described the series of meetings also attended by Libyan government officials as “successful.”
He pointed out that as shareholders they are aware of the challenges faced by UTL and this is the reason they are meeting – to look for avenues to support UTL.
“Uganda Telecom is a company with enormous potential and we would like to take this opportunity to thank the Management and Staff at Uganda Telecom that have been creative and tenacious in ensuring that the company remains competitive,” he observed.
Al-Shater expressed hope that as shareholders, they would be able to revitalize UTL.
“During the meetings, we discussed investment matters in Uganda; we showed our strong commitment to the Ugandan Market. We seek to resolve the issues that currently prevail in the company. We are strongly committed to finding a way forward,” he added.
Al-Shater confessed that because of the political turmoil in Libya following the violent ousting of President Muammar Gaddafi, “there has been some slowdown in the progress of plans that were put together previously.”
However, he argued, “we are very confident that within the next 60 days we will come with some meaningful strategic plans for the business to go forward and keep growing as we intended it to be from day one. In this interim period we have taken the necessary steps to ensure that urgently needed funds are available to support business operations,” said Al-Shater.
He did not specify the amount of money reportedly injected into the company.
Kajara affirmed during the discussions with president Museveni, it was agreed that within the next 60 days, a rescue plan should be worked out, investment found so that the company can be turned around.
The Libyan Foreign Minister, Hon. Mohamed Al-Dairi said all Libyan investments were discussed to develop and increase support wherever there is need.
Mr. Stephen Kaboyo, the Board Chairman Uganda Telecom also resonated that “The discussions were very fruitful.
“The spirit of closely working together was emphasized as we strive for a commercial solution underpinned by the recognition that there is greater value from continuation of the business, which is the interest of both shareholders,” said Kaboyo.
“The shareholders reached a consensus that there is need to downstream immediate cash into the business which will be utilized to invest in the upgrading of the network to make UTL competitive again, settle outstanding trade creditors, financial institutions debt etc. and improve cash-flow in the next 60 days. This will enable UTL to enter into a position of growth and profitability and make the company attractive to internal and external stakeholders.”
Libya Africa Investment Portfolio, International Relations Manager, Mr. Youniss Bishari said “LAP GreenN has been, and will remain supported by its shareholder Libya Africa Investment Portfolio (LAIP) and stakeholders the LIA and the Government of Libya. Uganda is very important to us, and we are determined to support our investments and to develop them to be healthier and profitable investments for both the Libyan and Ugandan stakeholders.”
Dr. Gasim Eledrissi, the Evaluation and Participation Department Director of the Libyan African Portfolio said “this visit will have economic implications for both Libya and Uganda which enjoy friendly and mutually beneficial relations in various fields.”
Rugby Cranes resume their quest for promotion into the Africa tier 1A on Wednesday in their second game of tier 1B tournament at the Legends rugby grounds.
The Cranes will have to better their opening day performance against a Mauritius team that was thrashed 42-3 by group leaders Senegal if they are to have any hopes of promotion.
The Cranes will miss the services of forward Mathias Ochwo who has been banned for two weeks. John Wandichwo is expected to cover the gap.
Senegal are currently topping the group after their emphatic 42-3 victory over Mauritius on the opening day of the tournament. They have ten points more than Uganda who managed to beat Ivory Coast 40-11. Madagascar completes the top three while Mauritius lies at the bottom.
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2015 Africa Rugby Tier 1B Fixtures,
Day 1: Sunday 5Th July
Madagascar 36-18 Botswana
Uganda 40-11 Ivory Coast
Mauritius 03-42 Senegal
Day 2:Wednesday 8th July (Legends RG)
12:30pm- Uganda vs Mauritius
2:30pm- Senegal vs Botswana
4:30pm- Madagascar vs Ivory Coast
Day 3: Saturday 11th July
12:30pm: Senegal vs Ivory Coast
2:30pm: Madagascar vs Mauritius
4:30pm: Uganda vs Botswana