UCC gets new chief executive
The Uganda communication commission has a new Ag Chief Executive Officer; Patrick Mwesigwa, 56. He succeeds the founder CEO of the communications regulatory body, Patrick Francis Masambu, 59, whose contract expired on Dec 31 2009. Masambu had served the UCC for ten years and in the telecoms sector for the last 35 years. Prior to his joining the UCC he was Managing Director at the Utl. Mwesigwa holds a Bsc degree in electronic engineering and a Masters degree in Operation telecommunications. He joined the UCC in Oct 2001. Before joining the UCC, Mwesigwa worked at the Utl as a chief planning officer. Masambu oversaw many achievements at UCC and in the telecoms sector including the liberalization of the sector and the expansion in service provision and infrastructure.
Uchumi profits grow amidst turmoil
Uchumi Supermarket which has been grappling with a loan burden has reported a 60 per cent pre-tax profit for the year ending June 2009. In a statement issued last week the supermarket said its total assets grew to K Shs2.4 billion by end of last financial year from Sh1.6 billion during the previous year. The company posted a K Shs 169.9 million profit during the year up from Sh106.1 million the previous year. Uchumi which was placed under receivership in 2006 is hoping to emerge from insolvency by February. Since 2006, Uchumi has issued three debentures that were meant to see it emerge from the financial deficit and re-list at the Nairobi Stock Exchange. The three exercises, the most recent being towards the end of last year, raised K Shs207 million against a target of Sh1.2 billion. At an annual general meeting scheduled for January 29, Uchumi will seek the green light to restructure shareholders' and suppliers' debentures into ordinary shares.
New security firm has unique offers
The private security industry in Uganda has a new entrant with a difference. Unlike most security firms in Uganda, Pinnacle Security Ltd which opened shop in December last year, offers unique packages like fire fighting, emergency ambulance, and commercial shooting range services. The company was registered in Uganda in 2003 but began operations officially in May last year. It is owned by directors who have worked in security in both Uganda and Iraq among other countries. The company also has offices in four other African countries with deals in Tanzania, Sudan and DR Congo already signed.
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