Mauritian firm gets nod to buy Uganda Telecom Ltd - 7 months ago, 21 July 11:48
Mauritius Telecom has emerged as the preferred company to buy a majority stake in troubled Uganda Telecom Ltd, according to a leaked Cabinet memo.
The seven-page memo dated last month, says that out of the six firms that put in bids to buy majority stake in UTL, the Mauritian telco was cleared by the Financial Intelligence Authority (FIA) “as the only credible and financially stable company among the evaluated companies.”
The Minister of Finance tabled the memo to his colleagues, showing that Mauritius Telecom offered $45 million “as consideration for assets,” capital investment of $100 million over a period of three years and a 69-31 per cent shareholding structure between itself and the government.
“According to the FIA report, the best option available is Mauritius Telecom, which has offered $45 million,” the memo reads.
The tone of the memo gives the sense that only formalities remain for the Mauritian telco to take over UTL.
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