During the meeting In Davos, Switzerland, President Museveni met the MTN Group Chief Executive Officer, Rob Shuter and discussed with him an array of issues.
He advised MTN to work towards floating shares on the Uganda Stock Exchange so that Ugandans can partly own the company.
Local ownership is important because it helps us stem capital flight which happens when the company is fully foreign-owned. The question of repatriating 100% of your profits yet there is little value-addition and wealth creation for Ugandans is unfair,’’he said.
President Museveni however said that it is for this reason that we are banning registration of new fully-owned foreign betting companies while the old ones will not have their licences renewed. All they do is accumulate money from Ugandans then ship it out of the country.
In my meeting with Mr Rob Shuter, I also warned against telecoms under declaring calls and cheating our government of revenue,”he said.
We have bought machines to track these calls but it is still important that the companies do not engage in this vice.
- The Number Of MTN Subscribers Has Dropped By 700,000
- MTN Named The Most Prestigious Brand In Africa
- MTN Company Reveled Juliana Kanyomozi’s Real Age-She Explained About It
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.