Heavy capital investment needed for UTL

Uganda Telecommunication Limited needs a heavy capital investment to recover the heavy debt burden amounting to 128 Billion shilling.

The company’s board chairman Stephen Kaboyo downplayed media reports that the company was sinking saying there is an opportunity for the company to overturn the current situation with shareholder discussions ongoing.

Meanwhile UTL’s Managing Director, Mark Shoebridge says they have come up with a three year strategy through which they will identify and address growth areas that will uplift the company from its current financial troubles however admitting that this will be hard to achieve without money.

He says government which owns 31 percent stake in the company has not injected any capital into the company for the last two years.