According to reports by Bloomberg, Uganda is going to sell 60% of its state-owned telecom operator UTel for an initial amount of $225 Million to Rowad Capital Commercial LLC (RCC).
Details
According to Uganda’s Secretary of Information, Communication, and Technology Ministry, the Dubai-based RCC started discussions early this year and is expected to finalise a deal soon.
UTel is owned by the finance and ICT ministries and took over the assets of Uganda Telecom Ltd. in November 2022, which had been under receivership.
Between The Lines
Uganda requires telecommunication providers operating in the nation to list on its stock exchange. Bigger operators MTN Uganda Ltd. and Airtel Uganda Ltd. have already offered some shares on the bourse.
Source: Bloomberg
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