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Telecom companies are going to be required to keep a mandatory percentage of shares just for Ugandans with the view of holding back shares within the country
Check also: UCC Lifts Ban On Sale And Replacement of Sim-cards
Frank Tumwebaze, the ICT and Information minister, said that government will require Telecom companies to assign a percentage of its shares specifically for Ugandans.
“We shall ask from all Telecom companies that a certain percentage of shares is reserved,” he told reporters stressing that the goal is to lessen capital flight, according to Monitor.
Though, Mr Tumwebaze could not state how much will be set aside saying, government will discuss the propositions with guidance from the Capital Markets Authority.
All this happened when he was addressing concerns brought up by the MTN chief executive officer.
While talking to journalists, the executive officer said that listing might not be the best means of localizing Telecom companies since foreign companies could dominate in shareholding.
“Listing is not the best way to gain that objective. Anybody can own shares, some countries that implemented such a move have found out that foreigners have the most shares.” he said.
He, however added that in case this becomes a “must do” they will abide by the new laws.
Check also;
- UCC To Start SIM Card Replacement Come Next Week
- Airtime Scratch Cards Should Be Erased Before July- UCC
- 23 Radios Are Suspended By UCC For Advertising Witch Craft
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
