UMEME has no local shareholder following Bitature’s exit

By Joseph Lubandi

Posted on April 10, 2018

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Umeme employees at work

By Our Reporter

It has now emerged that the embattled Umeme, whose concession hangs in balance following a Presidential directive not to renew their contract, does not have local shareholders following the exit of Ugandan Businessman Patrick Bitature who sold off his shares in the company.

Sources close to the Businessman have revealed that Bitature sold his shares towards the end of last year, to settle pressing bank loans that had become a thorn in his neck. Despite exiting the business, Mr. Bitature has remained the Chairman Board of Directors for Umeme whose principle shareholders now remain Foreign Investors, NSSF and the Stock market.

In a scathing letter to the Energy Minister, Eng. Irene Muloni, President Museveni recently questioned the integrity of Ministry officials who negotiated the Umeme Concession saying they did not have the interest of Uganda at heart. In the letter, the President said light of the fact that despite Umeme’s claimed investments on reduction of power losses, the tarrif has remained high. He said for now, there should be no question of renewing Umeme’s contract.

The post UMEME has no local shareholder following Bitature’s exit appeared first on BigEye.UG.

via: BigEye