{"id":94761,"date":"2024-08-13T00:00:00","date_gmt":"2024-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/"},"modified":"2024-08-13T00:00:00","modified_gmt":"2024-08-13T00:00:00","slug":"rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/","title":{"rendered":"Rowad Capital Commercial mulls majority stake in Ugandan telecom operator"},"content":{"rendered":"

Dubai-based engineering and construction contractor <\/strong>Rowad Capital<\/a><\/strong>Commercial<\/a><\/strong> (RCC) is set to acquire a 60% stake of Uganda\u2019s <\/strong>state telecom operator <\/strong>UTel<\/a><\/strong>, with an initial investment of USD 225 mn, Bloomberg<\/a> reports citing permanent secretary at Uganda\u2019s Information Technology Ministry, Aminah Zawedde. The details of the agreement, including whether the initial investment covers the purchase of the majority stake, are still being discussed.<\/p>\n

Background:<\/strong> RCC and UTel agreed to form a JV back in December 2023 to boost Uganda\u2019s telecom sector, the Uganda Media Center<\/a> wrote last year. <\/p>\n

UTel is expected to list on Uganda\u2019s exchange: <\/strong>UTel has until January 2026 to list at least 20% of its shares on Uganda\u2019s stock exchange, according to government rules that require telecom operators in the country to list within two years of receiving a national operator license, which it got in January of this year. The timing of the listing will depend on meeting regulatory requirements, according to director of corporate affairs at the Uganda Communications Commission Fred Otunnu.<\/p>\n

More on UTel:<\/strong> UTel was established in April 2021 to take over the assets of Uganda Telecom, which had gone into receivership due to debt and mismanagement, according to the company\u2019s website<\/a>. The government-owned UTel now serves as Uganda\u2019s national provider for fixed-line, mobile, and internet services, with the Finance Ministry holding a 60% stake and the ICT Ministry holding 40%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Rowad Capital Commercial is expected to initially invest around USD 225 mn<\/p>\n","protected":false},"author":1,"featured_media":94762,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[7,60,1735,438,1736],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-ma-watch","tag-rowad-capital-commercial","tag-telecoms","tag-utel","wpautop","entry"],"acf":{"mongo_id":"8a0f319f-94e8-4699-83eb-e5caf88e846e","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1074.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Rowad Capital Commercial mulls majority stake in Ugandan telecom operator","related_issue":[94756],"teaser":"Rowad Capital Commercial is expected to initially invest around USD 225 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.70305e6c-08b1-4d0c-82b3-81b306c1f7a9.mp3"},"yoast_head":"\nRowad Capital Commercial mulls majority stake in Ugandan telecom operator - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rowad Capital Commercial mulls majority stake in Ugandan telecom operator\" \/>\n<meta property=\"og:description\" content=\"Rowad Capital Commercial is expected to initially invest around USD 225 mn\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-13T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1074.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Rowad Capital Commercial mulls majority stake in Ugandan telecom operator\",\"datePublished\":\"2024-08-13T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/\"},\"wordCount\":237,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1074.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM UAE\",\"M&A WATCH\",\"Rowad Capital Commercial\",\"telecoms\",\"UTel\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/13\/rowad-capital-commercial-mulls-majority-stake-in-ugandan-telecom-operator\/\",\"name\":\"Rowad Capital Commercial mulls majority stake in Ugandan telecom operator - 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