Uganda has failed in its bid to lower prices of petrol and diesel in Kampala through a deal to directly purchase fuel from oil and commodities giant Vitol Bahrain. This is after diesel price in Kampala jumped this week to $1.38 per litre from $1.37 while that of petrol rose to $1.47 from $1.46, meaning that Kampala has […]
Questions over Uganda’s extra diesel cargo in Mombasa
Uganda’s bid to supply low-cost fuel got off to a messy start last week with Kenya charging millions of dollars in bond fees, just 12 hours after the first batch of petroleum products for Uganda National Oil Company (Unoc) landed in Mombasa.Ahead of Unoc’s long-awaited arrival of first fuel imports on July 2, government officials […]
Uganda central bank starts buying locally-produced gold to support forex reserves
Uganda’s central bank has begun buying locally-produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets. The move could lower the country’s growing gold exports, whose shipments brought in $2.3 billion last year from $201 million in the previous year. “The BoU (Bank of Uganda), in consultation with relevant key stakeholders, […]
Uganda oil imports land, end Kenyan firms’ fuel transit business
The first oil shipment destined for Uganda docked at the port of Mombasa on Wednesday, marking an end of Kenyan oil market companies fuel transit business to the neighbouring country. MT Navig8 Matines, sailing under the Liberian flag docked at the new Kipevu Oil Terminal 2 (KOT2) at 7.15 am (GMT +3) carrying about 60,000 metric […]
Airtel Uganda’s parent to offload extra 9.1pc stake
Airtel Uganda’s majority shareholder Airtel Africa is set to sell additional shares amounting to a 9.11 percent stake in a secondary offer to comply with a requirement to offload a minimum ownership of 20 percent to minority investors trading on the Uganda Securities Exchange (USE). The multinational in November 2023 managed to sell 4.35 billion […]
Uganda state oil firm signs fuel sales deals with 80 marketers
As it recovers from the hiccups linked to the route in Kenya – which threatened its fuel supply monopoly – Uganda National Oil Company (Unoc) on Tuesday signed sales and purchase agreements (SPAs) with the market’s biggest fuel dealers, in contracts that will tie over 80 oil marketers in Uganda to the State-owned firm for […]
Uganda, South Korea sign $500m infrastructure loan deal
Uganda has signed an agreement with South Korea for a $500 million loan to help finance infrastructure building in the country, Uganda’s Finance Ministry said on Thursday. South Korea’s Exim Bank will provide the loan, the ministry said in a post on X. It didn’t provide details on what kind of infrastructure the money would […]
Uganda bets on reforms to boost private equity financing
Uganda’s Capital Markets Authority (CMA) and the Ministry for Finance, Planning and Economic Development are working to review the regulatory framework to boost the uptake of private equity (PE) financing, as an alternative source for capital for private sector. The regulator says in its latest annual report that mobilising alternative sources of funds to finance […]
MTN Uganda’s parent offers major discount in $58m shares sale
South Africa’s MTN Group has made a new offer to sell 1.57 billion shares in its Ugandan subsidiary at a substantial discount in a bid to comply with a requirement to offload a minimum stake of 20 percent to minority investors. The multinational managed to sell a 12.97 percent stake in MTN Uganda in November […]
Uganda drug maker dividend up 120 percent
Quality Chemical Industries Ltd (QCIL) has more than doubled dividend payout after reporting a strong profit growth for the year ended March 31, 2024 driven by antiretroviral and antimalarial drug sales. The board has proposed $5.5 million dividend this year from $2.5 million last year. For each share, the Uganda Securities Exchange-listed pharmaceutical company has […]
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