With many things surrounding itself with Uganda telecom, the government’s telecommunication company is yet to get an investor who is going to save it from its financial ditch. According to our sources, the telecommunication company gave URSB a mandate to outsource for a suitable investor to take over it.
Information also reveals that over 20 potential investors have contacted the administrator who is, in that case, URSB and have already shown interests in taking over the company and that they are yet to be successful with the screening of the investors. However, there was an investor who had reached the stage of being given the offer but it was later discovered that they had no conditions to take over the company.
To reach to a continuous search for the investor, the company was heavily indebted, and it had arrears of about UGX. 530bn. This was done after a rigorous exercise the verifying who was in debt with the company.
Our sources also reveal that after URSB took over the administration of the company, it was discovered that Uganda Telecom was suffering from diseases that the previous administrators had not cared about, which are poor corporate governance (mismanagement) and no capital injection in several years it was in operation.