MTN Uganda last week received its 3.5G adapt network from Huawei Technologies of China. The technology allows faster mobile Internet and quicker content download. MTN Chief Executive, Themba Khumalo said, "We believe with such investments, Uganda will be among the fastest growing economies in Africa".

Investment in the 3.5G adapt network is part of the US$111million that MTN is reported to have budgeted for additional network investment and associated systems. Last October, MTN signed a syndicated loan agreement with 11 commercial banks providing US$100m for network investment. MTN is connected to The East African Marine System (TEAMS) cable and will connect to The East African Submarine Cable System (EASSY), which goes live soon.

Housing  Finance Bank bond listed on USE

Housing finance bank last week listed its oversubscribed bond on the Uganda securities exchange to begin trading on the secondary market. The bond brought into the bank Shs 35 billion that will be used for mortgage financing. The lead participants in the bond, who invested more than Shs 5 billion, were the NSSF and Crane bank, while the participants who invested more than Shs 2.5 billion include the Stanbic Investment Management Services and the East African Development Bank. The bank has plans to issue another Shs 80 billion bond for its mortgage financing next year when it will also be issuing its Initial public offering (IPO). HFB Director for Development Finance, Patrick Kabonero said the bank plans to concentrate on local funding to raise the Shs 80 billion.

Stanbic bank best in Africa

Standard Bank the mother bank of Stanbic bank (U) has been named the best investment bank in Africa, in the Euromoney Awards for Excellence 2010. To qualify for the prestigious award, the bank was rated on key performance indicators including volume of business transacted, innovation and leadership, credit ratings, quality of assets, earnings, and efficiency ratios. Euromoney is a premier information source for the wholesale finance industry, reporting on capital markets, investment, foreign exchange, treasury, and regional markets. Jacko Maree, the Standard Bank Group Chief Executive said of the awards, 'It is particularly pleasing to be recognised in Africa's highly competitive investment banking arena where we compete with large institutions from around the world. Being named as the best investment bank in Africa, is further confirmation of our capacity to provide top quality services across the equity, debt and mergers and acquisitions sectors.' Standard Bank has a presence in 17 African countries, 16 countries outside the continent.

URA sued for Shs500m

Opportunity Uganda, a micro-finance institution, has dragged the Uganda Revenue Authority (URA) to the commercial court for wrongful taxation. The new development follows last week's Tax Appeal Tribunal relieving  Post Bank Uganda from paying Shs288 million in Value Added Tax arising from the sale of its land on William Street. Opportunity Uganda is also contesting a stamp duty to the tune of Shs 488m imposed on it by the tax body.It says it is not a credit institution, is not obligated to work as a collecting agent for the URA and therefore, is not liable to paying stamp duty assessed, and calculated at the rate of Shs 5,000 per loan as demanded by the tax body, considering the small size of the loans extended to clients. The institution says URA, without verifying the details of its transactions, wrongfully classified them by applying inappropriate stamp duty rates on inapplicable schedules.

Dfcu bank hosts investment breakfast

Development Finance Company of Uganda (Dfcu) Bank last week hosted its investment club members to a breakfast forum at the Kampala Serena Hotel. The forum is aimed at equipping Dfcu Investment Club members with skills to better manage and grow their businesses and investments. Charles Ocici of Enterprise Uganda took the Dfcu investment club members through a session on how to build lasting business clubs and investments. Ocici said, 'it takes more than just friendship but rather investment in time and determination to build a strong brand through the investment clubs'. The Head of Women in Business at the Dfcu bank Daamalie Mukiibi said, "the future of the country's economy is in the development of such investment clubs which group together and pool resources to attain set investment goals in their respective fields".

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