Rowad Capital Commercial Invests $225 Million in Uganda Telecom UTel for 60% Stake

Uganda Telecommunications Corporation Limited (UTel) is set to receive a significant $225 million investment from Rowad Capital Commercial (RCC) LLC, an international engineering and construction firm based in Dubai.

UTel, established as Uganda's national telecom provider in April 2021, encountered financial challenges, resulting in the loss of its assets and operations in November 2022. Consequently, the company was placed under court-appointed administration. The Ugandan government, through the Ministry of Finance and the Ministry of Information and Communications Technology, currently owns UTel.

In a move to rejuvenate the struggling telecom sector, UTel has agreed to transfer 60% of its shares to Rowad. The substantial investment from Rowad is anticipated to breathe new life into the telecom industry.

Source: Daba Finance