State-owned UTCL has taken over the assets of incumbent operator Uganda Telecom

Government-owned Uganda Telecommunications Corporation has paid US$95.5 million in a move that will see it take over all the assets for Uganda Telecom, including land, buildings and network infrastructure.

This was revealed by. the minister of state for investment and privatization Evelyn Anite saying the government now owns 100% of the company and the president has ordered it to be run as a national company without involving investors.

Previously, Uganda Telecom had 69% owned by Libyan investment company LAP Green Networks, with the remaining percentage owned by the government.

UTCL signed an asset sale and purchase agreement worth 256.9 million Ugandan shillings ($68.7 million) with the administration of Uganda Telecom. This is due to be paid by June 2023, along with Uganda Telecom debts including a loan from the Trade and Development Bank (TDB), an investment from subsea cable operator WIOCC and administrative debts.

Grace Ssekakubo, chairman of UTCL’s board of directors, said the company will focus on investing in the latest technologies such as a 5G+ network, empowering employees and developing a digital ecosystem. The company also plans to provide mobile money services with its Ug-Sente platform.