Uganda`s Charles Mbire, was last week set to take up a 15 % stake in the Rift Valley Railways. Mbire has been invited by the shareholders of the Rift Valley Railways to the buy shares. The RVR concession agreement was amended to allow the participation of Uganda into shareholding. Investor appetite for RVR is growing following the realisation that the railway line will be the main transport corridor for crude oil exports from Uganda's recently discovered oil industry. The entry into RVR of Uganda`s Charles Mbire will have major implications for the battle between TransCentury and Citadel because contrary to the position taken by Kenya, Kampala has embraced the Egyptians.
Zain's Kuwait Chief Executive calls it quits
Kuwaiti-based Zain's chief executive, Saad al-Barrak, has called it quits re-igniting rumours of the possible sale of Zain Africa operations.
Zain was last year a headlines maker after its July 2009 announcement that it was looking at its options in Africa, including a possible sale of its networks there. At Zain Uganda Fred Massade the head of corporate affairs said they had received a circular about Al-Barrak`s resignation and nothing more.
Al-Barrak has been with Zain since 2002 and has been the main driving force behind the firm's massive expansions and acquisitions. Over the past few years, Zain expanded rapidly by paying billions of dollars for huge acquisitions and has operations in 23 countries in Africa and the Middle East. During Al-barracks tenure of office, Zain`s customer base rose from around one million subscribers to about 72 million as of today.
In spite of its strong growth, the global financial meltdown forced some of Zain`s main shareholders, notably the biggest private investor, Al-Khorafi Group, to offer to sell a majority stake in the firm.
Uganda Investment Authority stuck with 30Bn
The Uganda Investment Authority (UIA) is stuck with Shs 30billion for industrial parks development. Maggie Kigozi the executive director at the UIA told the business community in Masaka last week, that her institution is stuck with the money as a result of failing to get land to buy to construct industrial parks. Kigozi said Masaka is one area where the investment institution has failed to secure land for an industrial park.
She said the UIA needs land within towns because other infrastructure is readily available which reduces the cost of doing business.
She said land had become so scarce yet a big number of investors are willing to come and invest in Uganda.
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written by Major Adam Kifaliso, February 25, 2010
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written by Major Adam Kifaliso, February 25, 2010
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